Economic Impact of Saint Michael’s College
Saint Michael’s College is a vital part of Vermont’s economy.
According to a new economic impact report, Saint Michael’s College had a sizeable economic contribution to the state in 2024 – or $185 million.
The report assessed the College’s economic contributions to Colchester and greater Vermont, including through spending, knowledge, entrepreneurship and community engagement. Here are some key takeaways from the report.
Government Impact
Just by existing, Saint Michael’s College Fire and Rescue saved the town of Colchester $1.75 million in fiscal year 2024.
Colchester’s calls made up approximately 45% of the Fire and Rescue service’s total calls that year, meaning the economic impact of the student-run volunteer fire service was even greater in Vermont. Saint Michael’s College Fire and Rescue, which was founded in the late 1960s, operates 24/7 and responds to calls both at the College and throughout the Greater Burlington area.
St. Mike’s alum uses his degree in the College’s fire station
Community Engagement
Saint Michael’s students and employees contributed almost 74,000 hours to clinical and community engagement in Vermont.
Saint Michael’s College is committed to service, environmental stewardship, and addressing issues of social justice – values that connect back to the College’s founding by the Society of Saint Edmund. Students, faculty and staff are encouraged to get involved in their communities through classes and extracurricular activities.
The 74,000 hours encompasses engagement through Saint Michael’s Fire and Rescue; Mobilization of Volunteer Efforts (MOVE), the College’s community service organization; practicums through the Psychology Department; student teaching through the Education Department; unpaid internships; community-engaged learning; and efforts during the employees’ annual Community Service Day.
Community Service Day volunteers give back to local organizations
Innovation and Entrepreneurship Impact
Entrepreneurship is a popular path for St. Mike’s alums who stay in Vermont. In 2024, there were 459 small businesses owned by Saint Michael’s alums, which generated hundreds of millions of dollars in revenue.
Small businesses owned by Saint Michael’s alumni employed more than 900 Vermonters. The study estimated that the overall economic impact of Saint Michael’s alumni entrepreneurs was $167 million. Entrepreneurs were spread across many different industries, including food and drink, technology and AI, and creative industries.
From classroom to Cider Lab: One St. Mike’s alum’s path to entrepreneurship
Knowledge Impact
As of 2024, Vermont was home to 25% of the more than 25,000 Saint Michael’s alums living in the U.S.
The report estimates that the more than 6,000 alumni living in Vermont contributed about $73 million to the region in fiscal year 2024.
