New Report Shows Boston College's Annual Economic Impact Is $3.3B

Newton MA

19 January, 2022

12:55 PM

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NEWTON, MA — Boston College's annual economic impact in Massachusetts is $3.3 billion, including $172 million in annual state tax revenues, 17,700 jobs generated by BC operations, and alumni spending power of $1.28 billion, according to an analysis by the national independent research firm Econsult Solutions. In addition to its economic impact, BC's annual social impact amounts to $16.7 million in support of initiatives that directly serve Boston, Newton, and other communities in the state through community service, service-learning activities, support for 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 theMassachusetts economy," said BC 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 BC'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 contributing $57million 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 and contributing $9 million to the state's taxrevenues. Ancillary spending by students for living expenses, as well as revenues generated by visitors tothe campus and its many events, totaled $112 million in economic impact annually, supporting690 jobs and contributing $3 million in state tax revenues. The alumni wage premium–responsible for a yearly economic impact of $1.28 billion–is ameasure of increased earning and spending power of graduates who earned degrees orcertifications through BC academic programs and now live and work in Massachusetts. Thealumni 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 the City of Newton. In Newton, BC's annual economic impact is $728 million, with annual operations accounting foran impact of $520 million. The University's total economic impact supports 4,080 jobs andproduces $351 million in earned income. The University's impact extends beyond Massachusetts. BC conducted $58 million in sponsoredresearch in 2020, a 20 percent increase over the prior year. Notable work included addressingthe achievement gap in math learning among low-income students, designing a mechanism for the equitable distribution of COVID-19 vaccines, and working to develop a method to convert carbon dioxide into clean-burning methanol fuel. "The study demonstrates that the scholarship and research conducted by our faculty, graduatestudents, and undergraduates has a profound impact on the Massachusetts economy," saidBC Provost and Dean of Faculties David Quigley in a statement. "Their work has a deep social benefit as well, supporting schools, local governments, and community-based organizations in Boston, Newton, and throughout the Commonwealth." For more information about BC, click here.