AMHERST, Mass. (WWLP) – A new report released this week showed the economic impact UMass Amherst has supported during the 2022 fiscal year.
Massachusetts is known for its institutions of higher learning, and this report showed the economic impact UMass Amherst has made including across the campus, local businesses, and supplies. The report was released by the UMass Donahue Institute, which stated UMass Amherst generated $2.9 billion in economic impact during the 2022 fiscal year in Massachusetts.
The state invested $421.8 million in the campus which yielded $2.9 billion over the course of 12 months. It also includes approximately $140 million spent on major construction projects. The report inidcates for every dollar invested by the state, UMass Amherst delivered $7 in economic activity.
The spending by students, faculty and staff, and visitors was another contributing factor. 22News spoke with a sophomore at UMass Amherst regarding how much money she typically spends.
“On a weekly basis I will try to spend $50 a week at most,” said Krystal Michoma. “Eat in the dining halls if my parents are here, we usually eat out as well, but if friends are here I will go all out and take them around town and stuff.”
According to the report, UMass Amherst employed 6,094 people (excluding student workers) during the analysis period. When combined with the external jobs that the university supported, the campus was responsible for more than 19,300 jobs.
There are more than 330,000 UMass alumni living in the state who contribute their skills and knowledge to the economy by purchasing goods and services from Massachusetts businesses and paying taxes.
“This report makes clear that UMass Amherst is a major driver of the economy and workforce in western Massachusetts and beyond,” said Chancellor Javier Reyes.
“The scope of the operations on our five nationally ranked research universities has a profound impact on the Massachusetts economy overall and every region of the Commonwealth,” UMass President Marty Meehan said. “As the state’s top workforce development engine, which educates more students than any other college or university in Massachusetts, and as one of the state’s three largest research universities, the university’s economic contribution touches every community.”
“Year after year, Massachusetts colleges and universities draw tens of thousands of students to our state, many of whom stay beyond graduation to build their careers and fuel our economy,” said Massachusetts Secretary of Economic Development Yvonne Hao. “Institutions like UMass have made Massachusetts a global leader in higher ed while also contributing to our state’s excellence in just about every sector – from life sciences and technology to finance and advanced manufacturing. We’re grateful for UMass’s contributions to Massachusetts’ economic growth.”
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