A study by the University of Colorado estimated its economic impact to the state last year at $5.3 billion, with president Bruce Benson saying the school’s influence can be found in all aspects of life here.
“Obviously, education is our No. 1 business, but there are all these other things,” Benson said. “We’re attracting businesses; we’re bringing people and jobs into the state. … You see that $5.3 billion figure, and it looks important and wonderful, but really it’s just the tip of the iceberg.”
Research for the study was done by the university’s Leeds School of Business, using data compiled from fiscal years 2009-11, with an emphasis on last year.
In 2011, the university was the third-largest employer in the state, trailing only the state and federal governments. According to the study, CU employed almost 27,500 faculty, staff and students, with a payroll of $1.2 billion.
Student spending was estimated at almost $501 million in 2011, while the school spent $246 million on construction projects, resulting in an economic benefit of $478 million, the study said.
The current economic environment, which has led to decreased funding for higher education from the state, has forced schools to seek alternative revenue streams.
