11 July 2024

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Tufts University Drove $3.1 Billion in U.S. Economic Benefits, $2.1 Billion in Mass., in FY2023

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Tufts University is an important contributor to the economy of the Commonwealth of Massachusetts and beyond, generating a $2.1 billion economic impact in Massachusetts and $3.1 billion nationwide, according to a new report measuring Tufts’ FY23 economic impacts at the state, local, regional, and national levels.  

The just-released Economic and Community Impact Report shows that in the fiscal year from July 1, 2022 through June 30, 2023, the university supported 11,673 jobs in Massachusetts, including 4,502 individuals directly employed by Tufts, and generated $101.4 million in state and local tax revenues.

Boston, Grafton, Medford, and Somerville, which host Tufts’ four Massachusetts campuses, received $727.2 million in economic impacts, including 4,041 jobs in these communities. Tufts’ operations also resulted in $35.1 million in direct and indirect local tax payments.

“In order for Tufts to fulfill its vision of making a positive difference in the world through education and discovery, it’s essential for us to measure our impacts, including effects on the economies we touch and the clinical care we provide to our neighbors,” said Tufts President Sunil Kumar. “Tufts faculty, staff, students, and alumni can feel proud of how they’ve contributed to the outcomes documented in our first university-wide economic impact study. We look ahead to expanding these benefits in the future.”

Consulting firm Tripp Umbach prepared the report using an industry-standard methodology that examined both direct impacts resulting from spending by the university, its employees, and students, as well as indirect benefits resulting as those expenditures circulate.

Economic Impact Drivers in the Commonwealth—and Beyond

According to the report, research played a key role in driving the university’s overall economic impact. A mid-size student-centered research university, Tufts excels in interdisciplinary and collaborative research across its schools and centers. The new report documents Tufts’ direct investment of $136 million in research activities within academic and clinical settings. In turn, in FY23, Tufts research helped generate $293.3 million in economic impact, 1,629 jobs, and $14.2 million in state and local taxes. 

Tufts drove substantial economic value across the six New England states, generating $2.3 billion in economic impact, 12,904 jobs, and $112.1 million in state and local taxes. Tufts contributed to job creation in a spectrum of fields in the region, including construction, business and professional services, hospitality, and information technology. 

Nationwide, Tufts generated 17,406 jobs and $151.3 million in tax revenues. In addition, the 109,730 alumni who live and work in the United States had an estimated economic impact of $45.2 billion. Approximately 43 percent of Tufts graduates choose to stay in New England, as noted by the report, deepening the region’s talent pool.

Clinical Care for Tufts’ Neighbors

As the home of New England’s only veterinary school, Tufts is distinctive in being one of a handful of institutions in the country that offer doctoral programs in medicine, dentistry, nutrition, and veterinary science—a combination that enables cross-disciplinary research in pursuit of solutions to some of the world’s most pressing health challenges. 

The report also notes the clinical care, health education, and nutrition programming that the university provides for its neighbors. As one example, on the Boston Health Sciences campus, each year, community members save $28 million in discounted services provided by the Tufts Dental Clinic, while in Grafton and beyond, the seven teaching hospitals and clinics of Cummings School of Veterinary Medicine care for more than 100,000 animals each year. 

Notable among related community initiatives: more than 190 children each year receive dental care from Tufts at their schools through the Boston Public Schools Dental Program, and Tufts at Tech, a student-run veterinary clinic at Worcester Technical High School provides low-cost care for family pets within underserved communities in central Massachusetts.

Additional Benefits

Tufts student-athletes have made achievements at the highest levels of NCAA Division III competition while also contributing off the field. As Tufts athletics programs have expanded, their local and regional economic impact has also grown. The report found that Tufts athletics resulted in an overall economic impact to Massachusetts of $21.7 million, 119 jobs, and approximately $1 million in state and local tax revenues. 

While economic impact was the report’s primary focus, it also looked at charitable giving and volunteerism. Community engagement, catalyzed by the Tisch College of Civic Life, is a university hallmark. The report estimated that Tufts staff, faculty, and students contributed $49.3 million in time and dollars to a wide range of local charitable organizations and community programs, including: tutoring children in math, science and reading; promoting health literacy and wellness in partnership with Boston’s Chinatown community; and bringing support animals to community settings.

The report also calls out the impact of the university’s undergraduate, graduate, professional, and lifelong learning programs, both in terms of the numbers of students enrolled across all programs and the economic significance of those educational offerings. In FY23, the economic impact of Tufts’ education and scholarship activities reached $1.7 billion and supported 9,980 jobs in the Commonwealth. 

Caroline Genco, provost and senior vice president, noted that behind all the numbers are many lives that experience positive change as a result of the work and initiatives reflected in the report. 

“This document is a reminder that Tufts touches the world around us in countless ways, and the work we do makes a difference both to people in our own host communities and individuals living anywhere in the world upon whom our research and educational offerings can, ultimately, have a positive impact,” said Genco.

Authors: Kim Thurler, Dave Nuscher

Source: https://now.tufts.edu/