Every institution of higher education has a case to make – to donors, alumni, students and their funders, prospective students and their guardians, and community members.
ESI was commissioned by the Association of Independent Colleges and Universities in Massachusetts (AICU Mass), representing 59 private, nonprofit institutions, to conduct an economic impact study of its member institutions.
Using industry standard analyses, ESI found that AICU Mass members’ aggregate annual statewide economic impact is $71.1 billion, supporting over 320,000 jobs. It is also estimated that all that economic activity results in $2.4 billion a year in state tax revenues.
In addition to the statewide impacts, ESI also calculated the impact of each individual institution, as well as aggregate regional impacts for Eastern Massachusetts, Central Massachusetts, and Western Massachusetts.
However, these numbers do not fully account for the broader and catalytic gains produced by these institutions. Many of these colleges and universities are service-oriented, translating into thousands of hours of volunteer community service and addressing diverse community needs. The education provided by these institutions also contributes significantly to the vibrancy, resiliency, and competitiveness of Massachusetts, particularly as it trains up students in fields of study of strategic importance to the state and actively connects students to mentors and employers in Massachusetts’ prominent industry sectors.