University of Colorado system powers $11.6 billion in economic impact across state

UPDATED NOV. 14, 2024

Note: The story below, originally published Oct. 31, is based on preliminary data. New details and updated figures from the final report are available in this story from the Nov. 14, 2024, issue of CU Connections.

The Board of Regents Finance Committee on Wednesday received some preliminary data on the CU system’s economic impact: $11.6 billion across the state last year, significant dividends of the four CU campuses delivering exceptional teaching, research, community engagement and health care.

As detailed during the committee’s meeting held via webinar, the total economic impact grows to an even more impressive $19.3 billion when also factoring in CU’s two affiliate hospitals – UCHealth University of Colorado Hospital and Children’s Hospital Colorado – at the CU Anschutz Medical Campus.

The figures come from a new study of the 2023-24 fiscal year completed by the Business Research Division of CU Boulder’s Leeds School of Business.

“I’m immensely proud of the incredible achievements happening across all four CU campuses. This economic impact report is a powerful testament to our collective efforts,” said CU President Todd Saliman. “It's exciting to celebrate the vital role CU plays in driving Colorado’s economy forward. From advancing research to enriching our communities, CU is dedicated to building a prosperous future for our state, and we’re honored to be at the forefront of that mission.”

This is the third consecutive year the Leeds study has reported a year-over-year increase in CU’s economic impact. The base CU total of $11.6 billion is up 7% over the previous year, while the $19.3 billion that includes the hospitals is up 12%.

CU operated on $7.1 billion in revenue and $5.6 billion in operating expenditures in 2023-24. A significant portion was tied to sponsored programs and other restricted fund activity.

Economic impact figures include employee and student worker earnings, operating expenditures, construction, research, and spending by students and visitors. The study did not include the impact of alumni, retirees, technology transfer, and visits associated with football, conferences and concerts.

A Top 5 employer in Colorado, CU employed 57,161 faculty, staff and student workers at some point during the fiscal year; a snapshot during fall 2023 indicated total employment of more than 27,000 faculty and staff. Total salaries, wages and benefits of $4.1 billion represented 72% of the university’s total spending.

Besides employing thousands, CU helps drive Colorado’s economy by buying from local vendors, attracting investment, educating the local workforce and delivering research discoveries.

A powerhouse for discovery, CU collaborates in a research triangle that includes universities, businesses and federal laboratories. CU’s research expenditure activities alone represented $3.6 billion of the total impact of $11.6 billion.

CU’s campus-by-campus economic impact is led by the CU Anschutz Medical Campus in Aurora, with $5.3 billion, followed by CU Boulder, $4.6 billion; CU Denver, $771 million; UCCS, $690 million; and the Denver-based CU system administration, $246 million.

At $7.1 billion, CU’s greatest economic impact regionally is on the Denver Metropolitan Statistical Area (MSA), consisting of the City and County of Denver, Arapahoe County, Jefferson County, Adams County, Douglas County, the City and County of Broomfield, Elbert County, Park County, Clear Creek County and Gilpin County. It’s followed by the Boulder MSA, where CU’s economic impact is $3.5 billion; the Colorado Springs MSA, $0.6 billion; and all other MSAs in Colorado, $0.4 billion.