"A new report commissioned by the Greater Boston Chamber of Commerce warns that federal policy changes proposed by the Trump administration could strip Massachusetts of $5.9 billion in economic output and $515 million in tax revenue - the largest per capita loss of any state. The analysis, conducted by Econsult Solutions Inc., highlights the outsized role that higher education and health care play in Massachusetts' economy."
"According to the report, the state's higher education and health systems generate $155.9 billion in economic output and support more than 858,000 jobs statewide, contributing roughly $4.1 billion in tax revenue yearly. Roughly a quarter of those jobs - about 222,900 positions - are in industries beyond health care and education, such as real estate, retail, and hospitality, underscoring how deeply those sectors ripple through the state's economy."
"According to the study, graduates of Massachusetts' higher education institutions also enjoy a significant "wage premium," earning 15 percent to 50 percent more on average than non-graduates. The study includes data from 88 colleges and universities and 93 health systems statewide. However, the report warns that proposed federal cost caps and cuts to research grants could undermine that economic engine, eliminating an estimated $2.6 billion in statewide output and 8,700 jobs."
Proposed federal policy changes could cost Massachusetts $5.9 billion in economic output and $515 million in tax revenue. Higher education and health care together generate $155.9 billion in output, support over 858,000 jobs, and contribute about $4.1 billion in annual tax revenue. Approximately 222,900 additional jobs in real estate, retail, hospitality and other sectors depend on those industries. Graduates from state institutions earn a 15–50 percent wage premium. Proposed federal cost caps and cuts to research grants could eliminate an estimated $2.6 billion in output and 8,700 jobs. Higher education and health care face rising costs and demographic pressures.
Read at Boston.com
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