Holy Cross supports more than $866 million in annual economic activity across Massachusetts, including $313 million in the city of Worcester alone, according to a new independent study by nationally recognized economic consulting firm Econsult Solutions Inc. (ESI).
The report, “People For and With Others: The Economic and Social Impact of the College of the Holy Cross,” details the significant role Holy Cross plays as an anchor institution in Worcester and across the Commonwealth. It mirrors statewide findings from the Oct. 28 Greater Boston Chamber of Commerce study, also conducted by ESI, which highlights higher education and health care as foundational pillars of Massachusetts’ economy.
According to ESI, Holy Cross supports 4,170 full-time jobs statewide, including 1,560 in Worcester. The report also notes that more than 200,000 people visited the Holy Cross campus last academic year, generating an estimated $44 million in economic impact across Massachusetts and $35 million in Worcester through student and visitor spending.
Beyond its economic footprint, the ESI report also underscores the College’s Jesuit mission of service and civic engagement. Each year, more than 1,000 Holy Cross students contribute more than 50,000 volunteer hours through partnerships with schools and nonprofit organizations throughout Worcester and the surrounding region. Moreover, in the past academic year, Holy Cross awarded $85 million in institutional scholarship aid, representing more than one-third of its total operating budget, including $4.7 million in aid to the 108 students from Worcester who currently attend the College.
“The ESI report makes it clear that Holy Cross not only educates future leaders, it strengthens the civic, cultural, and economic fabric of Worcester and the Commonwealth,” said Vincent D. Rougeau, president of the College. “Our economic footprint is substantial, but what matters most is how that strength fuels opportunity, innovation, and growth locally and regionally.”
"As demonstrated in this report, Holy Cross provides significant positive benefits from both an economic and social perspective,” said ESI Principal Lee Huang. “At a time when higher education institutions face mounting financial and political pressures, it is important to recognize the many ways these benefits are created and felt throughout the community. The College of the Holy Cross lives up to its mission of serving others through the pursuit of knowledge, faith, and community impact."
