Study Reveals Impact of Private Colleges, Universities on MA Economy
Monday, June 19, 2023
Private colleges and universities across Massachusetts have a more than $70 billion annual impact on the Commonwealth, according to a new report.
The Association of Independent Colleges and Universities in Massachusetts finds its 59 schools generate more than $2 billion in tax revenues and support more than 300,000 jobs.
Rob McCarron, president of the association, said the schools are a talent pipeline for the Commonwealth's growing biotech and health care industries.
"They are why companies come here, why companies grow here," McCarron explained. "It is that year after year infusion of talented students that come out of all of these colleges and universities."
McCarron pointed out schools like Elms College in Western Massachusetts are working to grow the diversity of the state's teaching workforce, while several others, including Regis College outside Boston, are helping to alleviate the statewide shortage of nurses.
The report found private colleges and universities are also helping the Commonwealth achieve its goal of net-zero greenhouse gas emissions by 2050. McCarron noted Smith College sources one-third of its energy from solar farms, while Boston University's new computer and data science center is cooled and heated by geothermal wells.
"When people think about what can be done or what can't be done, these are examples of how large institutions are really responding to climate change and sustainability in meaningful ways," McCarron contended.
He added Massachusetts high school students are benefiting from more than $700 million in grants and scholarships to private schools, which generate some $28 billion in alumni wages as graduates ultimately chose to live and work in the Commonwealth.
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