The University of Colorado (CU) is making waves not only in education but also in the state’s economy, bringing in a whopping $10.8 billion during the 2022-2023 fiscal year. When considering the collective impact of the university’s affiliate hospitals, this impressive figure soars to a remarkable $17.2 billion.
CU’s Economic Impact Surges
A recent study conducted by the Business Research Division of CU Boulder’s Leeds School of Business has revealed the significant financial contribution made by the four CU campuses to the Colorado economy. This marks a substantial increase from the $8.7 billion recorded in the previous fiscal year.
Affiliate Hospitals Fuel Growth
The study highlights the pivotal role of the two CU-affiliate hospitals situated at the CU Anschutz Medical Campus, namely the University of Colorado Hospital and Children’s Hospital Colorado. Together, they generated an astonishing $6.5 billion during the 2022-2023 fiscal year, compared to $4.6 billion in the prior year.
CU President Todd Salinan’s Enthusiasm
CU President Todd Saliman expressed his immense pride in the university’s accomplishments. He stated, “I am incredibly proud of what we do on all four CU campuses, and this economic impact is a reflection of that excellent work.” He further added, “I’m thrilled to take a moment and celebrate the significant contributions our university is making to serve our great state and help power the Colorado economy.”
Saliman emphasized CU’s diverse initiatives aimed at supporting the state, solidifying its position as a primary driver of Colorado’s success.
CU’s Significant Employment Role
Consistently ranking among the top-five employers in the state, CU and its affiliated hospitals played a pivotal role in the 2022-2023 fiscal year. With a workforce comprising 43,255 faculty, staff, and student workers, they collectively earned $3.6 billion in salaries and benefits.
Breaking Down the Figures
The comprehensive economic impact report encompasses a wide range of factors, including employee and student worker earnings, operating expenditures, construction, research, and spending by students and visitors. However, it’s essential to note that the study doesn’t encompass the effects of alumni, retirees, athletics, and technology transfer.
The Four UC Campuses
CU’s economic impact extends across its four prominent campuses:
- University of Colorado Boulder
- University of Colorado Colorado Springs
- University of Colorado Denver
- University of Colorado Anschutz Medical Campus
Through their combined efforts, these institutions are shaping the future of Colorado, contributing to its prosperity, and making substantial investments in education, healthcare, and research.
In conclusion, the University of Colorado’s significant economic impact in 2023 underscores the integral role of higher education and healthcare in driving a state’s economy forward. CU continues to demonstrate its commitment to both its students and the people of Colorado, proving that education can be a powerful catalyst for economic growth and innovation.