Fairfield University contributes more than $1.2 billion in economic impact in Connecticut

A new report by the Connecticut Conference of Independent Colleges (CCIC) highlights Fairfield University’s role as a significant economic driver both locally and across the state of Connecticut

A newly released economic impact report from the Connecticut Conference of Independent Colleges (CCIC) estimates Fairfield University’s total economic contribution to Connecticut at $1,244,464,762, highlighting the University’s substantial influence on the state’s economy.

As the largest private employer in the Town of Fairfield, Fairfield University plays a vital role in supporting the local economy and contributes significantly to the broader economic landscape of Connecticut. The biennial report, which uses FY23 data, analyzes the economic effects of Connecticut’s 14 non-profit independent colleges and universities, covering spending across a range of activities—from payroll and operations to students, employee, and visitor spending.

Fairfield University’s Contribution to Connecticut’s Economy:

$744 million in direct spending
$501 million in induced spending
$145 million in direct spending by employees
$62 million in direct spending by students
$27 million in direct spending by visitors
9,041 jobs created

Fairfield University is also home to a vibrant alumni network, with more than 20,000 alumni living across Connecticut. These accomplished alumni bring their expertise, leadership, and talents to businesses and organizations throughout the state, further contributing to the region’s continued growth and prosperity.

“At Fairfield University, we are deeply committed to being a force for good in our local community,” said Vice President of Marketing & Communications Jennifer Anderson. “We recognize our responsibility to enrich the area we call home—through service, culture, education, and economic collaboration. Fairfield University actively contributes to the regional economy, not only as the largest private employer in Fairfield but also as a partner to local businesses. We work closely with the Chamber of Commerce, sponsor community events, and host key gatherings. We also foster connections between our students and local businesses, providing a strong pipeline of talented interns who support and strengthen local enterprises.”

In addition to each university’s individual contributions, the report highlights the collective economic impact of Connecticut’s independent colleges and universities, which together generate $19.3 billion annually for the state. These institutions are not only anchors of education but also key economic drivers, creating jobs and fueling growth across Connecticut. According to a recent Connecticut Department of Labor report, job growth in the education sector continues to be a major contributor to the state’s economy, with the largest job gains of all major industries being found in the education and health services sectors.

Economic Impact Overview for Connecticut’s Independent Colleges:

$19.3 billion: Total annual economic impact
31,400+ employees: Higher education sector employees statewide
148,823 jobs: Jobs created or retained by independent colleges
235,000 alumni: Alumni living and working in Connecticut, generating $22.1 billion in annual earnings.
$1.48 billion: Institutional financial aid awarded annually

“Connecticut’s independent colleges and universities are well known for preparing students for meaningful lives, successful careers, and active citizenship—advancing research and enriching arts and culture,” said Fairfield University President Mark R. Nemec, PhD, who serves as chair of the CCIC Board of Directors. “But their impact goes even further—these institutions significantly contribute to local and regional economies through student and visitor spending, major construction projects, the earnings of tens of thousands of faculty and staff who live and work in communities across the state, and direct spending on services and supplies.”

About CCIC: Founded in 1932, the Connecticut Conference of Independent Colleges (CCIC) is an association that represents 14 accredited nonprofit independent colleges and universities in Connecticut. CCIC provides public policy leadership and support of higher education, fosters cooperative efforts among colleges and universities and serves as a liaison between the state and the independent institutions. Visit CCIC at www.theccic.org.

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Fairfield University contributes more than $1.2 billion in economic impact in Connecticut