Copyright MassLive
A new report commissioned by the College of the Holy Cross found that the college generates $866 million for Massachusetts’ economy and $313 million for Worcester’s economy. The report was written by the economic consulting firm ESI, according to a Holy Cross spokesperson. The college commissioned the report in an attempt to find and present the school’s impact on the local, state and national level, the report reads. The most direct way Holy Cross has helped generate the revenue is through expenditures for its operations — spending money on salaries, goods, wages, services and activities. The report reads that Holy Cross’s direct impact on the economy is through its expenditures on salaries, goods, wages, services and activities. Through its spending, Holy Cross has helped create 1,560 jobs in Worcester, 4,170 in Massachusetts and 10,510 nationwide, according to the report. “The ESI report makes it clear that Holy Cross not only educates future leaders, it strengthens the civic, cultural, and economic fabric of Worcester and the Commonwealth,” Vincent D. Rougeau, president of the College of the Holy Cross said in a press release. “Our economic footprint is substantial, but what matters most is how that strength fuels opportunity, innovation, and growth locally and regionally.” The report also touted Holy Cross’s indirect impacts on economies, such as tax revenues and purchases from visitors. It is estimated that Holy Cross generates approximately $39 million in tax revenues each year for Massachusetts and $154 million in tax revenues to the United States government, the report found. More than 200,000 people visited the Holy Cross campus last academic year, generating an estimated $44 million for Massachusetts’ economy and $35 million for Worcester’s. The revenue comes from student and visitor spending at the college, according to the report. These people are students, people from Worcester and people from and not from the Worcester region. Expenditures are made during events such as homecomings, sports games and graduation. “As demonstrated in this report, Holy Cross provides significant positive benefits from both an economic and social perspective,” said ESI Principal Lee Huang. “At a time when higher education institutions face mounting financial and political pressures, it is important to recognize the many ways these benefits are created and felt throughout the community. The College of the Holy Cross lives up to its mission of serving others through the pursuit of knowledge, faith, and community impact.”
