BOSTON (WWLP) – A new report released last week showed the economic impact higher education has on Massachusetts.

Massachusetts is known for its institutions of higher learning, and this report showed the economic impact those schools have across the state. The report was released by the Association of Independent Colleges and Universities of Massachusetts, which has 59 independent, nonprofit colleges and universities across the bay state and their economic impact is substantial.

The report states that the annual economic impact is $71.1 billion, generating $2.4 billion in tax revenue and supporting over 320,000 jobs. Furthermore, the institutions spend $35 billion on operations, and alumni spending power is $28 billion.

In western Massachusetts, there are 11 AICU Mass institutions whose economic impact stands at $3.3 billion and supports 19,400 jobs. Of the $35 billion dollars in operations, western Massachusetts accounts for $1.9 billion.

Rick Sullivan, the president and CEO of the Western Massachusetts Economic Development Council said in a statement: “Western Massachusetts is synonymous with some of the best private colleges and universities in the world they are a part of our culture, our way of life and, based on this study, clearly part of our economic well-being,”

The 11 western Massachusetts schools also account for $140 million in spending. In Governor Maura Healey’s budget, she proposed an increase of 23% for public higher education, which is an increase of around $371 million.