{"id":95526,"date":"2014-09-17T11:00:14","date_gmt":"2014-09-17T15:00:14","guid":{"rendered":"https:\/\/today.uconn.edu\/?p=95526"},"modified":"2014-10-17T10:05:33","modified_gmt":"2014-10-17T14:05:33","slug":"uconns-value-to-connecticut-3-4-billion-a-year","status":"publish","type":"post","link":"https:\/\/today.uconn.edu\/2014\/09\/uconns-value-to-connecticut-3-4-billion-a-year\/","title":{"rendered":"UConn\u2019s Value to Connecticut: $3.4 Billion a Year"},"content":{"rendered":"

\"University<\/a><\/p>\n

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President Susan Herbst, top, Gov. Dannel P. Malloy, below left, and Paul Umbach, principal of Tripp Umbach, discuss a report on the economic impact of the University during an event at UConn\u2019s SS&C Technologies Financial Accelerator in Hartford on Sept. 17. (Peter Morenus\/UConn Photos)<\/p>\n

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The University of Connecticut generates about $3.4 billion worth of economic activity every year in the state, including more than 24,000 jobs and over $202 million in tax revenue, according to a report released Wednesday by the national research and consulting firm Tripp Umbach.<\/p>\n

The report is the most comprehensive measurement to date of the economic value UConn provides to Connecticut, taking in everything from research grants won to the charitable contributions of students, faculty, and staff members.<\/p>\n

\u201cThis report provides an empirical foundation for concluding what\u2019s long been clear anecdotally: UConn is essential to the success of our state,\u201d said University President Susan Herbst. \u201cThis research also provides a baseline we can use to measure our success as we embark on new initiatives like Next Gen Connecticut and the UConn Technology Park.\u201d<\/p>\n

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Tripp Umbach, a national leader in economic impact analysis with past clients ranging from Penn State to the University of North Carolina to General Electric, used data from University sources to measure UConn\u2019s economic activity in fiscal year 2013.<\/p>\n

\u201cToday\u2019s announcement demonstrates that UConn is more than a university \u2013 it\u2019s a unique resource that can be leveraged to create new jobs and sustain long-term economic growth and innovation across Connecticut,\u201d said Gov. Dannel P. Malloy, who, in 2013, introduced and signed P.A. 13-233<\/a>, An Act Concerning Next Generation Connecticut<\/em>. \u201cUConn\u2019s economic impact will continue to grow with investments like Next Generation Connecticut that create jobs, spur business activity, and help position Connecticut as a global destination in science and research.\u201d<\/p>\n

The study assessed both direct economic impact\u00a0\u2013 money spent by the institution itself\u00a0\u2013 and indirect impact, which measures the re-spending of dollars within the local economy by businesses and households.<\/p>\n

Among other significant findings, Tripp Umbach reports that:<\/p>\n