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During
Fiscal Year (FY) 2004, Boston University and its students
and their out-of-state visitors spent nearly $1.4 billion
in the Commonwealth of Massachusetts. This direct spending
had a total economic impact estimated to be more than $3.0
billion. Furthermore, in addition to the 24,374 Massachusetts
residents employed by the University, more than 14,000 indirect
jobs were created by University spending.
These
indirect economic and employment estimates are based on regional
input-output multipliers developed by the United States Department
of Commerce. These multipliers take into account the specific
inter-industry and consumer-spending patterns that contribute
to a region's economy.
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The
University as an Employer
One
of the Boston area's largest private employers, Boston
University employed 24,374 Massachusetts residents (13,595
employees and 10,779 students) in FY 2004. More than $688
million was spent on salaries and benefits for these
employees during FY 2004, with nearly $662 million
of this total going to residents of the Boston metropolitan
area (nearly $149 million to Boston residents).
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The
University as a Purchaser
Every
effort is made to patronize businesses in the region.
In 2004, Boston University purchased from Massachusetts
companies more than $399 million of a wide variety of
goods and services, ranging from paper clips to trucks
to sophisticated computer equipment. Of this amount,
more than 96 percent was spent in the Boston metropolitan
area.
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Students
and Their Visitors as Purchasers
Boston
University's full- and part-time students spent $271
million for living expenses, including transportation,
entertainment, and incidentals in FY 2004. Their out-of-state
visitors spent an estimated $34 million in the Boston
metropolitan area.
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The
University as a Builder |
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The
University as a Neighbor |
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Additional
Highlights |
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