According to the report, "it is the collective strength of the Boston area's research institutions that help make it a magnet for private investors."
Spending the dollars
In addition to stimulating innovation and enterprise locally, Harvard pours money directly into its host communities--by spending within Cambridge and Boston, employing many local residents, making payments in lieu of taxes and attracting tourists to the area.
Harvard brings in tuition money, donations and research funding from around the country and the globe that is then spent in Cambridge and Boston. Each year the University draws nearly $1 billion into the city. It also uses Boston's resources--local residents, construction firms and goods.
Harvard, one of the largest employers in the area, pumps about $580 million into the community by paying the salaries of the Boston-area residents it employs--about 12,300.
It spent $724 million on goods and services over the 1997-1998 year--47 percent on Boston-area businesses and institutions.
The University gives much back to its community, the study concludes, but there is always room for improvement.
"By many measures, Harvard's contribution to the economy of the Boston area is impressive. During the coming decade, it could prove to be even more significant," the report says.