MONTPELIER, Vt. -
One-point-four billion dollars-- that's the total economic impact the Association of Vermont Independent Colleges or AVIC estimates its members are having across the state.
"In any state that's a big number and certainly in Vermont it's a lot bigger than a breadbox," said David Finney, the president of Champlain College.
AVIC is made up of 19 member institutions that together have roughly 14,000 students. It's breaking down the overall pot by region. Independent colleges in Southern Vermont are credited with $315 million in economic activity. That number jumps to $330 million in Northern Vermont. And the central region of the state has the biggest piece of the pie with $750 million.
"It contributes to the economic vitality today, not to mention the business we're engaged in and its contribution to the future," Finney said.
The organization presented its finding in Montpelier Friday. The tally comes from student, faculty, visitor and institutional spending.
Independent presidents agree there are challenges in making sure those numbers stay strong.
"I think certainly one of the biggest challenges at the moment is that Vermonters gave up on having babies about 15 years ago," Finney said.
In an effort to combat the state's declining college age population and keep its economic footprint strong, members are focusing on reaching out of state and overseas for students. The group also announced a new student semester exchange program between its institutions to make Vermont more attractive to potential students.
"If you think of all of our courses at all of our colleges and how they can move around among them, it's very innovative," said Ellen McCulloh-Lovell, the president of Marlboro College.
It's one effort among many to draw students in and hopefully keep them here after they graduate.
"Very often the graduates of Vermont colleges are innovative entrepreneurs who get economic niches going that employ others," said Barbara Vacarr, the president of Goddard College.
A positive sign as declining population and increased competition is forcing them to work harder to make Vermont an education destination.
"For all of us it means we've got to work a little harder and we've got to go a little further afield to maintain those numbers," Finney said.
Right now, state leaders estimate Vermont's independent colleges make up 5 percent of the state's overall economy.
Right now just one student is signed up for the college exchange. The hope is that that number could expand to hundreds in the coming years.
