AICUM recently commissioned independent studies to look at the economic, social and cultural impact of its members on the Commonwealth.
The Boston-based member institutions are among the most crucial economic engines for the region, contributing $64 billion a year to the eastern Massachusetts economy through jobs, taxes, direct payments, vendor purchases, restaurant and retail sales, and more.
The shared successes of Massachusetts and its higher education community are longstanding and closely intertwined. Our colleges and universities serve as the cornerstone for the state’s status as the hub of higher education and a knowledge-based economic leader.
AICUM recently commissioned Econsult Solutions, Inc., an independent national research firm, to conduct the first comprehensive assessment of the impact of our private colleges and universities since AICUM was formed nearly 50 years ago. It confirms what many already instinctively know: that our 58 colleges and uiversities have a massive impact on the economic vibrancy of Massachusetts. $71.1B impact on the economy, supporting 321K+ jobs and generating $2.4B in annual tax revenue, to be exact.
This serves as a critical reminder of the tremendous impact of the private colleges and universities in the state. Our knowledge-based economy and access to talent is why companies relocate their headquarters to the Commonwealth; it’s what helps our state economy better weather recession, and is often cited as an invaluable asset in state bond ratings. As a result, it’s hard not to conclude that the Commonwealth and its higher education community are inextricably linked as powerful partners, supporting each other and contributing to each other’s successes.
