Boston University is the second-biggest private employer in Massachusetts (and 13-largest overall statewide). In Fiscal Year 2011, BU’s financial impact on the state’s economy totaled more than $3.8 billion, including $915 million spent by its students and their out-of-state visitors. The University also purchased a wide variety of goods and services from more than 9,300 Massachusetts companies.
The University is a robust resource to the City of Boston, the cities and towns in the Boston Metropolitan Area, and the Commonwealth of Massachusetts. Local citizens and businesses benefit from Boston University’s spending, the employment opportunities University spending generates, and the many cultural, educational, and social services University faculty, staff, and students offer the community.
Here are some of the ways we’ve given back to Massachusetts in the past year:
- Total economic impact of $3.87 billion
- Purchased goods and services from more than 9,300 Massachusetts companies
- Employed 14,888 Massachusetts residents in FY 2011
- Students spent $372,258,673 in Massachusetts in FY 2011
- Boston University spent $1 billion on salaries and benefits to Massachusetts residents
- The economic impact of Boston University’s purchases totaled nearly $725.1 million in the Commonwealth
- Nearly $44.4 million was spent locally by out-of-state visitors to Boston University students
- Boston University paid nearly $5 million in real estate property taxes to the City of Boston. Since FY 2003, the University has paid more than $41.7 million in real estate property taxes and linkage payments to the City of Boston.
- Boston University paid more than $5.1 million to the City of Boston for voluntary payments in lieu of taxes. Since FY 2003, these payments have totaled nearly $38.5 million.
- Boston University provides daily maintenance of sidewalks, MBTA tracks, and streets around the campus. The University removes snow and trash. It also plants and repairs trees and implements pest control. In FY 2011, the cost of these activities totaled nearly $3 million.
Learn more about how we give back to Massachusetts in our Institutional Master Plan.