Boston, Massachusetts

While companies in the private sector come and go, universities remain a stable base in their communities. One relevant example is the Boston area, where eight major universities employ 70,750 people, slightly more than Greater Boston’s financial services industry.

And while many industries have downsized, Boston’s universities have remained a constant source of employment, while producing an educated populace. In Boston alone, four companies founded by graduates of the area universities are among the top 25 employers in the region.

The combined 2002 payroll of the eight universities in the Boston area totaled more than $2.5 billion. That personal income, an average of more than $51,000 per employee, in turn, became revenue for state and local tax collectors of income tax, property tax, excise tax and other taxes, and revenue for local businesses. Massachusetts’ annual income tax revenue from university employees is estimated at more than $115 million.

From 2002 to 2006, construction spending by the eight universities averaged about $850 million per year. These construction projects supported approximately 5,100 full-time construction jobs during each of those years. In 2000 alone, new construction projects generated approximately 3,300 full-time jobs.

The students from the eight universities — 74,000 undergraduates and 44,300 graduate students — spend about $850 million annually for food, entertainment, transportation and other needs. It is also estimated that visitors to the universities, whether a visiting researcher or family and friends of a university student, generate $250 million in additional local spending in 2000. The eight universities themselves spend $4.4 billion in the region on payroll, purchasing and construction. 3

3 APPLESEED. “ENGINES OF ECONOMIC GROWTH: THE ECONOMIC IMPACT OF BOSTON’S EIGHT RESEARCH UNIVERSITIES ON THE METROPOLITAN BOSTON AREA.” MARCH 2003.

Take Action Now

The “ask” of this site is a simple one: establish a new $50 billion education investment fund in teaching and research facilities for colleges and universities. The result would be the creation of more than 1 million immediate jobs that will support the education and betterment of hundreds of thousands of Americans, while also stimulating our economy for years to come. Take Action Now