A result of the last recession was the closure or merging of many higher education institutions (HEIs) throughout the New England region. In October 2019, the New England Board of Higher Education (NEBHE) in convened a group of economists and higher education leaders at the Federal Reserve Bank of Boston to talk about "The Future of Higher Education and the Economy: Lessons Learned from the Last Recession. Some of the problems that have forced college closures are national, but New England (along with the rest of the Northeast and the Upper Midwest) faces specific challenges: most importantly, a daunting demography that spells trouble for college enrollments. By 2032, the number of new high school graduates in New England is projected to decline by 22,000 to a total 140,273, according to the Western Interstate Commission for Higher Education. The NEBHE conference aimed to better understand the key challenges and consequences HEIs faced as a result of the so-called "Great Recession" and what can be learned from them. Among guiding questions: (1) What is the likely course of the economy over the next 18 to 24 months? (2) How prepared are institutions for the next recession? (3) What lessons did higher education learn from the Great Recession? (4) What conversations should HEIs--presidents, senior leaders, board leaders--be having now? (5) How fragile are higher ed institutions in New England and beyond? (6) What economic or other indicators should we be watching at this point in the economic cycle? (7) What's the impact of reduced or stagnant state and federal government support? (8) How did the last recession impact families--and what does it mean for their ability to pay ever-increasing tuition and fees? (9) When another recession hits, are there adequate social safety nets to cushion the blow? and (10) Which responses to changing demographics, customer preferences and new technology could help institutions avert closure … and even thrive?