Higher Education Institutions (HEI) are considered important mechanisms of regional development. However, due to the current economic recession and budget constraints, HEIs need to demonstrate the impact that their activities have on the surrounding community that contributes for its economic development. Hence, the aim of this paper is to present the results of a model to estimate the economic impact of different HEIs that are located in regions with different socio-economic development. Moreover, the common framework of analysis, whilst considering the different socio-economic realities, allows the comparisons of the results for the different HEIS.