Colorado State University Pueblo Generated Over $61 Million Locally During 2019-2020 Academic Year
Release Date: February 21, 2021
Colorado State University Pueblo infused over $61 million into the Pueblo economy through student spending and $2.4 million in local sales and use-tax revenues, according to a recent Colorado economic impact study released by the Colorado State University System.
In Pueblo, student spending for the 2019-20 academic year was estimated at $61.43 million, excluding tuition. Of this, about $30.53 million comes from students who would not otherwise have been contributing to the local economy in 2019-20. That means that “out-of-city” student spending supports 261 jobs and $712,200 in local sales- and use-tax revenue for Pueblo. CSU Pueblo’s student body has 17 percent of student enrollment who come from outside of Colorado.
“CSU Pueblo is a regional comprehensive state university, and although the majority of our students reside in Pueblo County, we know how important it is to recruit and retain students from outside our city and even our state,” said CSU Pueblo President Timothy Mottet. “Students bring significant dollars into the local economy, which we know benefit our community and our local businesses,” said Mottet.
CSU Pueblo is an economic driving force in Pueblo and plays a key role in the surrounding region and this economic impact study supports that belief. The City of Pueblo receives about $2.4 million in local sales and use-tax revenues from economic activity related to CSU Pueblo’s operations and student spending. Related economic activity to the university with events, provides the City of Pueblo with approximately $1.68 million in local sales-tax revenue.Currently CSU Pueblo employs over 700 individuals with a payroll of $42.5 million and with accounting for multiplier impacts an additional 1,230 jobs are supported in the community.
CSU Pueblo’s economic role has been acknowledged by President and CEO of Pueblo Economic Development Corporation (PEDCO), Jeff Shaw. “Pueblo is blessed to have CSU Pueblo in our community,” said Shaw. “The university is an economic driver for the Pueblo community through the spending of its students and staff as well as developing incredible students who graduate each year. Talent and workforce play a critical role in maintaining a prosperous community,” said Shaw.
CSU Pueblo’s enrollment of just under 4,000 students in undergraduate, graduate and doctoral programs brings elevated economic impact outside of the individuals employed at the university.CSU Pueblo is a federally designated Hispanic Serving Institution (HSI) and has over 40,000 alumni who have graduated from the university with nearly 20,000 alumni living in the state of Colorado.
The Systemwide study concluded nearly $237.74 million in state income and tax revenue is generated by Colorado State University Global, Colorado State University Ft. Collins and Colorado State University Pueblo.In addition, more than 112,250 living alumni currently work across the state of Colorado. The three campuses are credited with providing 23,000 Colorado jobs.
“We are extremely proud to recognize our role within the CSU System and the economic impact all three of our campuses have in our communities and by our alumni living and working across the state,” said Mottet.
Each of the three universities were included in the first-ever Systemwide economic impact study, conducted by a team of economists at CSU Ft. Collins.The economic study was conducted by CSU Fort Collins faculty members, Rebecca Hill of Agricultural and Resource Economics and Harvey Cutler and Martin Shields of Economics. The faculty researchers were supported by graduate research assistants Lauren Mangus and Kevin Crofton.
