Fairfield University Contributes Over $1 Billion to Local Economy

Fairfield University Contributes Over $1 Billion to Local Economy

Media Contact: Teddy DeRosa, tderosa@fairfield.edu, 203-254-4000 ext. 2118

FAIRFIELD, Conn., (March 13, 2017) — Fairfield University’s economic impact on 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 Dr. Lynn Babington noted that generating economic activity, and providing educational tools to enhance state’s economy, was one of the 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 state-wide, 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 Stag Card for purchases at local businesses, and FUEL — our business incubator — helps students bring their business ideas into 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 — in order to help them start new businesses, that are rooted in the local economy.

#Vol. 49, No. 135

Fairfield University is a Jesuit University, rooted in one of the world’s oldest intellectual and spiritual traditions. More than 5,000 undergraduate and graduate students from 36 states, 47 foreign countries, the District of Columbia and Puerto Rico are enrolled in the University’s five schools.  In the spirit of rigorous and sympathetic inquiry into all dimensions of human experience, Fairfield welcomes students from diverse backgrounds to share ideas and engage in open conversations. The University is located in the heart of a region where the future takes shape, on a stunning campus on the Connecticut coast just an hour from New York City.

Posted On: 03-16-2017 03:03 PM

Volume: 49 Number: 135