Boston College’s annual economic impact in Massachusetts is $3.3 billion, including $172 million in annual state tax revenues and 17,700 jobs generated by BC operations, according to an analysis by the national independent research firm Econsult Solutions.
The $3.3 billion annual impact includes a $1.28 billion alumni wage premium, which calculates the spending power of BC graduates who live and work in Massachusetts.
In addition to its economic impact, Boston College’s annual social impact amounts to $16.7 million in support of initiatives that directly serve Boston, Newton, and other communities throughout Massachusetts through community service, service-learning activities, support for local schools, and infrastructure contributions. In total, 8,000 BC students and employees provide 768,000 hours of volunteer service hours annually.
“This study demonstrates the benefits and wide-ranging impact that Boston College has on the Massachusetts economy,” said University President William P. Leahy, S.J. “Boston College generates revenue, investment, and jobs in Massachusetts, and has broad social impact through its educational offerings, community partnerships, and volunteer service, particularly within its host cities of Boston and Newton.”
The study details Boston College’s economic benefits in four separate categories: University operations, capital investments, ancillary spending by students and campus visitors, and the earning power of BC alumni who live and work in Massachusetts.
The University’s annual operations account for $1.57 billion in economic output for the state, supporting 8,100 jobs that account for $744 million in employment earnings and contribute $57 million in state tax revenues.
BC’s capital investments generate $350 million in economic output each year, the study found, supporting 1,550 jobs with $115 million in earnings, contributing $9 million to the state’s tax revenues.
Ancillary spending by students for living expenses, as well as revenues generated by visitors to the campus and its many events, totaled $112 million in economic impact annually, supporting 690 jobs and contributing $3 million in state tax revenues.
The alumni wage premium–responsible for a yearly economic impact of $1.28 billion–is a measure of increased earning and spending power of graduates who earned degrees or certifications through BC academic programs and now live and work in Massachusetts. The alumni wage premium supports 7,400 jobs with $422 million in earnings and contributions of $103 million in tax revenues, the study found.
The study also found Boston College delivers significant economic support to its host cities of Boston and Newton.
In Boston, BC’s annual economic impact is $1 billion, including $675 million from annual operations. In total, the University supports 5,360 jobs generating earned income of $488 million in the city.
In Newton, BC’s annual economic impact is $728 million, with annual operations accounting for an impact of $520 million. The University’s total economic impact supports 4,080 jobs and produces $351 million in earned income.
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January 19, 2022 at 12:32AM
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Study: BC's annual economic impact in Mass. is $3.3 billion - Boston College Chronicle
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