Fairfield Contributes Over $1 Billion to Local Economy, Study Finds
Fairfield University’s economic impact on the local economy exceeded over $1 billion in 2014, according to a recently released study from the Connecticut Conference of Independent Colleges (CCIC). The total economic impact of the University was measured in terms of the direct spending and induced spending activity on the local economy.
The total direct spending — the amount of money spent directly by the University and University employees, students and visitors — was over $600 million, with $50 million contributed by employees alone. Over $400 million was contributed due to induced spending, which is defined as the additional employment and expenditures of local industries that result because of direct spending.
Interim President Lynn Babington, PhD, RN, noted that generating economic activity, and providing educational tools to enhance the state’s economy, were key ways that Fairfield served the greater community.
“As we encourage the Jesuit mission of ‘men and women for others,' our students understand the importance of giving back to their communities,” said Dr. Babington. “As our state continues to navigate challenging situations, we are proud that our entire Fairfield University community can significantly contribute to our home state of Connecticut.”
Also included in the total amount were jobs created and the number of alumni living in the state. Fairfield generated over 7,300 jobs and opportunities in the state in 2014. Fairfield’s efforts to retain post-graduates, both local and statewide, contributed to the 19,336 University alumni who live in the state.
“One of the priorities of Fairfield’s strategic plan is to continue to help our town grow,” said Kevin Lawlor, Executive Vice President and COO. “We encourage our students to use their StagCard for purchases at local businesses, and FUEL — our business incubator — helps students bring their business ideas to life and make an immediate impact on the local economy.”
FUEL is an initiative between the University’s Dolan School of Business and the town of Fairfield to incubate local entrepreneurs — providing them with advice and services — to help them start new businesses rooted in the local economy.