The Economic Impact of CHEFA: Strengthening Connecticut’s Future
From 2019 to 2024, the Connecticut Health and Educational Facilities Authority (CHEFA) played a pivotal role in advancing the state’s healthcare and education sectors while driving measurable economic growth. An independent analysis by IHS Markit shows that CHEFA’s tax-exempt financings not only supported vital community institutions but also delivered far-reaching economic benefits to Connecticut’s economy.
Over this five-year period, CHEFA facilitated more than $2.06 billion in financing for capital projects across hospitals, universities, and other nonprofit organizations. These investments generated an average of 9,486 jobs annually, produced $647 million in labor income, and contributed nearly $900 million to Connecticut’s gross domestic product (GDP) each year.
The projects financed during this period underscore CHEFA’s role as a catalyst for growth and innovation. Major issuances included $211.9 million for Yale New Haven Health’s Neuroscience Tower, $112.4 million for Connecticut Children’s Medical Center’s expansion, and $100 million for Sacred Heart University’s new residence halls and Health & Science Center expansion. Each of these investments provided immediate construction-related benefits while also creating long-term economic and social value by enhancing healthcare delivery, expanding research and education capacity, and improving community infrastructure.
Importantly, CHEFA’s financing model ensures that the benefits are maximized within Connecticut. Only dollars spent on in-state businesses and labor are reflected in the analysis. Without these financings, Connecticut would have lost not only thousands of construction jobs but also the enduring advantages tied to strengthened healthcare and educational institutions.
CHEFA’s work over the past five years demonstrates how strategic, low-cost financing for nonprofits can yield powerful results. By fueling job creation, economic growth, and institutional advancement, CHEFA continues to strengthen the fabric of Connecticut—making the state more competitive, resilient, and prepared for the future.
