Economic Impact Study

Providence College Summary of Economic Impact- FY23 July 1, 2022 – June 30, 2023

The College’s Office of Government Affairs & Community Relations, outlined the information for this snapshot from the Rhode Island Economic Impact Study conducted by the Association of Independent Colleges and Universities of Rhode Island (AICU)

A few highlights from the summary:

• Providence College had a total economic impact of $837,882,554.* This figure includes $553,423,087 of direct spending and $284,459,467 of induced spending. The induced economic impact includes additional employment and expenditures of local industries that result because of direct spending by Providence College.
• The direct spending was further subdivided into six figures which include:
  • $128,278,918 of direct spending by employees.
  • $42,479,489 of direct spending by students.
  • $37,378,467 of direct spending by visitors.
  • $176,196,758 of direct spending by alumni.
  • $67,688,601 of total College purchases.
  • $101,400,854 of investment spending.
• As part of its economic impact, Providence College has helped create 5,510 jobs.
• 12,597 Providence College Alumni are current residents contributing to the Rhode Island Economy.

Providence College Community Contributions 2025

The City of Providence calculated the total number of community contributions which Providence College made to the city and its residents for the 2025 fiscal year. In total, Providence College contributed $11,395,126.71 to the Providence community. The total number of contributions was calculated separately from Providence College’s Payment in Lieu of Taxes (PILOT) agreement. To view a complete breakdown of Providence College’s contributions please click here.