Energizing the Local Economy

An update on the University’s financial contribution

Return to main article:

In mid January, the University published “Investing in Innovation,” the most recent report in a series prepared by Appleseed, a New York-based consultant, that details Harvard’s impact on the Greater Boston economy (see, for instance, “The Academy and the City,” November-December 1999, page 77). The study found that Harvard, with 18,350 full- and part-time workers, ranked second among area private employers, behind Massachusetts General Hospital. Including direct payrolls, purchasing, construction, and spending by employees, vendors, and students, the consultants estimated that Harvard accounted for $4.8 billion of economic activity and 44,000 full-time-equivalent jobs locally.

Perhaps of greater moment is Harvard’s prospective impact. The report noted that in “past economic downturns,” higher-education institutions “tended to remain stable” or even grew, as other industries shed jobs. But given the University’s need to adjust to the diminished value of the endowment, sustaining that positive effect in a sharply declining economy appears challenging now.

The report appears at www.community.harvard.edu/economic_impact.php.

You might also like

Harvard Football: Harvard 59, Holy Cross 24

Another week, another blowout, this one against an in-state rival

Trump Says a Deal with Harvard Is Close

Administration squeezes Harvard finances, and a federal judge blasts deportation efforts as unconstitutional.

Harvard Football: Harvard 41, Brown 7

The Crimson assertively avenge last year’s loss to their Ivy rival.

Most popular

What Trump Means for John Roberts’s Legacy

Executive power is on the docket at the Supreme Court.

Harvard Layoffs Continue, with More to Come

In the wake of federal government actions, several Harvard schools and institutes are cutting costs.

Shakespeare’s Greatest Rival

Without Christopher Marlowe, there might not have been a Bard.

Explore More From Current Issue

Johnston Gate

Your Views On Harvard’s Standoff, Antisemitism, and More

Readers comment on the controversial July-August cover, authoritarianism, and scientific research.

Public health dean Andrea Baccarelli wearing a white collared shirt and glasses.

The School of Public Health, Facing a Financial Reckoning, Seizes the Chance to Reinvent Itself

Dean Andrea Baccarelli plans for a smaller, more impactful Chan School of 2030.

Whimsical illustration of students rushing through ornate campus gate from bus marked “Welcome New Students.”

Highlights from Harvard’s Past

The Medical School goes coed, University poet wins Nobel Prize.