Boston College is a major contributor to the quality of life and economy of the Greater Boston Area. Econsult Solutions determined the College’s current economic impact and related social benefits in the Boston metropolitan area, the Commonwealth of Massachusetts, and New England. ESI staff compiled and then analyzed data on the Boston College’s operating budget, construction and renovation expenditures, spending by students, families, and visitors, and activities of graduates, as well as impact on residents and businesses through service and investments in infrastructure.
Econsult Solutions compiled important data and evaluated its findings about Boston College’s role and contributions not only to the local, state, and regional economy, but also to wider society.
From data on Boston College’s Annual Operations, Capital Investments, Ancillary Spending,and Alumni Wage Premium, ESI found that the College has a $3.3B total economic impact in Massachusetts, contributing $172M in tax revenues to the Commonwealth, generates $1.3B impact in the region from its Alumni Wage premium, and is responsible for $78M in annual spending by students, visitors, and event attendees.
Boston College has a broad impact on local residents and businesses through community service, volunteer and service- learning activities, assistance to local primary and secondary education, and infrastructure contributions. During (fiscal years) FY 2019 and FY 2020, BC provided $16.7M to support initiatives that directly serve the community ($16.2M to schools) and gave another $446,000 to community organizations. Further, the College fosters 768,000 volunteer hours from 8,000 students
and employees helping more than 52,000 people in the local community annually.