AICU releases study on the economic impact of colleges in Massachusetts
This week, New England Council Member, the Association of Independent Colleges and Universities in Massachusetts (AICU Mass), conducted an economic and social impact study on the effects of higher education in Massachusetts.
This study, conducted by an independent national research firm, marks the first independent assessment of the impact of all colleges and universities since AICU Mass was formed nearly 50 years ago. The goal of this study was to not only generate more modern and upgraded findings, but to also serve as a critical reminder of the tremendous impact of private colleges and universities, and the entire higher ed sector in Massachusetts.
The main conclusion this study confirmed was the idea that colleges and universities have an enormous economic and social impact on the state, coming in at around $71.1B impact on the economy, supporting 321K+ jobs, and generating $2.4B in annual tax revenue.
“In Massachusetts, we know instinctively that our private colleges and universities are crucial for our economy, with these institutions helping to define what it means to learn, work and live in the Commonwealth,” said Rob McCarron, president and CEO of AICU Mass. “This Economic Impact Study puts that into hard numbers that quantify just how crucial. Across this state, these schools are the economic engines for their communities and their regions. Taken together, they are one of the most important anchors of our robust and vibrant knowledge-based economy.”
The New England Council thanks AICU Mass for conducting this important study and for its continued advocacy for the colleges and universities of Massachusetts.
Read more on the AICU website and Cison.