An Economic Resource
Salem State University is an educational, economic and cultural contributor to the city of Salem, Essex County and the Commonwealth of Massachusetts. In fiscal year 2010 (FY2010), the university generated over $562 million in direct and indirect spending in Massachusetts. The regional impact on Essex County reached over $296 million, including an impact of over $104 million on the city of Salem. The economic impact of Salem State University on the state, region and city is derived directly from employee salaries and benefits, purchased goods and services, and student spending.
The study calculates the differential economic impact of a university degree to the state, Essex County and the city of Salem. Differential economic impact means graduating students, by virtue of obtaining a degree, increase their earning power and their spending in local communities. During their first year after graduation, Salem State University graduates from FY2010 alone will produce an increased economic impact of $37.4 million in Massachusetts; $20 million in Essex County; and $2.4 million in Salem. Given that nearly 80 percent of Salem State alumni live in Massachusetts, the 40-year differential impact to Massachusetts is $1.5 billion; to Essex County is $800 million; and to Salem is $96.5 million.
This report also documents the economic, social and cultural benefits of Salem State University to the local, regional and state-wide communities. The universityís colleges, schools and associated enterprises provide programs, internships, practicums, cultural events, community service, facilities, and partnerships that contribute to the vitality and quality of life of the region. In FY2010, Salem State faculty oversaw and students completed over 400,000 hours of internship and practicum hours throughout the region. Employees and students contributed more than 20,000 hours of civic engagement service in surrounding communities. The Enterprise Center at Salem State University, which houses 35 businesses, registered over 4,200 people for their on-site programs and an additional 4,000 accessed programs online. The Small Business Development Center of the North Shore assisted clients in obtaining over $8 million in financing in FY2010, while counseling 721 clients for over 1,700 hours.
The positive impacts Salem State University has on the economies of Massachusetts, Essex County and the city of Salem recur annually. Economic benefit occurs through the universityís population who live, work, study, spend money, and pay taxes in Massachusetts and through university purchases of goods and services. The most persistent impact, however, is the incremental value that a university degree contributes to its alumniís earning power and the value their education offers the greater community.
For more information on the economic impact of Salem State University, contact firstname.lastname@example.org or 978.542.7757.