MAKING AN
IMPACT The Econom i c I m pact o f P ri vat e H i gher Educat i on i n Vermont
AV I C A S S O C I AT I O N O F
V E R M O N T INDEPENDENT COLLEGES VERMONT: An Education Destination
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The total economic impact of private colleges and universities in Vermont is nearly $1.4 billion. However, we prefer to think of our impact in terms of jobs, neighbors, and community support.
Our presence in communities across the State creates valuable partnerships and business opportunities for Vermonters. 2
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T H E S TAT E W I D E P I C T U R E Economic Impact by Region
$330 mil $750 mil Estimated Total Economic Impact of Independent Higher Education in VT
Institutional Expenditures . . . . $590,117,845 Construction Expenditures . . . $121,777,830 Student Spending . . . . . . . . . . . . $92,131,276 Faculty and Staff Spending . . . $583,249,258 Visitor Spending . . . . . . . . . . . . . . $8,188,460 TOTAL STATEWIDE IMPACT
$1,395,464,668
$315 mil AVIC
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C R E AT I N G S TA B L E J O B S Total On-Campus Jobs: 6,295 Total Wages & Benefits Paid to Employees: $314,182,966
Jobs: 2,042 Wages: $81.5 mil
Jobs: 5,604 Wages: $220 mil
The spending of the colleges, the colleges’ employees, and the colleges’ students at area businesses creates jobs and payrolls there and elsewhere in the state. Jobs: 1,594 Wages: $65.8 mil 4
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60% of future jobs will require post-secondary education. Vermont’s private colleges provide $145.8 million in institutional aid from their own resources.
14,000
More than out-of-state students come to Vermont to study at private colleges. Many of these students stay and contribute to local economies.
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out of
19 of our colleges offer non-traditional weekend,
evening, and online programs to meet the changing needs of all learners. In addition to hundreds of degree programs, AVIC members offer over
60 certificate programs.
AT T R A C T I N G A W O R K F O R C E
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LAUNCHING ENTREPRENEURS
The many alums who live and work in Vermont are
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Danforth Pewter
Eden’s Echo Forest Management Co
Burton Snowboards
Landscape Visions, LLC.
Lincoln Peak Vineyards
Pinnacle Pet & Property Care
Red Hen Bakery
Benji and Jake’s Restaurant
L.A.C.E.
Hardt Forestry
Crane Associates
Emma’s Family Farm
Omega Optical
Harvest Hill Farm
The Bluebird Tavern
CommunEquests
Montpelier Flag and Stove Works
Songbird Farm
Leading Challenges
Bond Auto
Gobeille Hospitality Group
Bove’s
Coffee Enterprises
Carved Solutions
Vermont Bread Company
Epik One
Have Justice Will Travel
JaniTech
Blackback Pub and Fly Shop
Editorial Concepts
Holistic Justice Center
Fiddlehead at Four Corners
Better Planet Books
Galahad Productions
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responsible for many Vermont business landmarks. Gallery-in-the-Field
Wood’s Cider Mill
Jumpcut Productions
Small Dog Electronics
McNeill’s Brewery
Buch Spieler Music
Mechanic Street Pottery & Irons Works
Contemporary Dance & Fitness Studio
Mountain Goat
Catamount Arts
Pangaea Restaurant
Magic Hat Brewing
Quill & Print
Turtle Island Child Center
Rainbow Organic Fiber Mill
Artisans Hand Cooperative
South Street Café
Studio Place Arts
Superior Store Finishing
Winooski Hydroelectric
The Eloquent Page
Global Gifts
Three Meadow Riders
“After graduating from an independent college, I wanted to stay in Vermont and put my skills and ideas to work. Thirty years later, I am proud that my business is considered a vital part of our community.”
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PILLARS OF MAIN STREET $424.7 million is raised in tuition and fees from out-of-state sources for spending in Vermont. Each year employees of private colleges and universities in Vermont pay over $8
million in state income taxes.
19,000 independent college and university
The nearly
students in Vermont eat, shop and spend almost
$49.6 million annually at local businesses. Local Businesses in Vermont Benefitting from Spending by Students s General merchandise stores s Grocery and beverage stores s Real estate rentals s Telecommunications and utilities s Amusement and recreation venues s Restaurant and drinking establishments s Furniture and home furnishing stores s Clothing and sports stores
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Our students contribute 894,400 hours of volunteer time worth over $42 million to Vermont communities each year. An estimated 88% of that time is with K-12 organizations.
STUDENTS GIVE BACK
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MEETING WORKFORCE NEEDS
The independent colleges play a central role in the development of tomorrow’s
labor force
so that Vermont succeeds in an increasingly knowledge-intensive economy. The 19 private institutions confer 53% in the state. They also award
of all degrees
43% of the certificates for
advancing select skills. These degrees help prepare students for careers in areas that are critical to the future of Vermont.
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More than 82% of students at Vermont’s independent colleges and universities receive tuition assistance. 55% of our bachelor degree-seeking students graduate within four years compared to 39% at public institutions. This saves parents and students time and money.
INVESTING IN THE FUTURE
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A V I C
M E M B E R S
Bennington College Burlington College Champlain College College of St. Joseph Goddard College Green Mountain College Landmark College Marlboro College Middlebury College New England Culinary Institute Norwich University St. Michael’s College SIT Southern Vermont College Sterling College Vermont College of Fine Arts Vermont Law School Associate Members: Albany College of Pharmacy & Health Sciences Union Institute & University ‌Independent thinking for a collaborative world
association of vermont independent colleges PO Box 254, Montpelier, VT 05601 802.828.8826
www.vermont-icolleges.org