CU’s economic impact up 7% in 2023-2024

Illustration by Drew Thurston

ColoradoBiz Staff //December 23, 2024//

Illustration by Drew Thurston.

Illustration by Drew Thurston.

Illustration by Drew Thurston

ColoradoBiz Staff //December 23, 2024//

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The University of Colorado system’s four campuses generated $11.6 billion in terms of economic impact across the state last year, according to a study of the 2023-2024 fiscal year completed by the Business Research Division of CU Boulder’s Leeds School of Business.

The total economic impact was $19.3 billion when factoring in CU’s two affiliate hospitals – UCHealth University of Colorado Hospital and Children’s Hospital Colorado – at the CU Anschutz Medical Campus.

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%.

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 five 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.

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.