People For and With Others
The Economic and Social Impact of Holy Cross
Since its founding in 1843, the College of the Holy Cross has served as a key anchor institution in the city of Worcester. One of a rich variety of colleges and universities in Worcester — a large number of such institutions for a city of its size — Holy Cross generates $313 million in economic activity and supports approximately 1,500 full-time jobs in Worcester alone. In fact, according to a 2023 study commissioned by the Association of Independent Colleges & Universities in Massachusetts (AICUM), private colleges and universities generate $3.8 billion in economic impact in central Massachusetts and support nearly 20,000 jobs in the region.
These findings are consistent with Anchored in Excellence: How Massachusetts’ Education and Healthcare Institutions Drive Regional Economic Growth, an independent report from Econsult Solutions, Inc. (ESI) commissioned by the Greater Boston Chamber of Commerce and released in October 2025. The commonwealth’s higher education and healthcare sectors, a.k.a. Eds and Meds, generate $155.9 billion in annual economic activity — a figure larger than the GDP of 15 U.S. states — and support more than 858,000 jobs across Massachusetts.
Collectively, institutions like the College of the Holy Cross are vital to the economic strength and cultural vibrancy of our city, our region, and our state — spurring job growth, catalyzing talent and innovation, and generating billions of dollars in economic output.
Key Takeaways
$313 million
annual economic activity in Worcester, supporting 1,560 jobs
$477 million
annual economic activity in central MA, supporting 2,530 jobs
$866 million
annual economic activity in Massachusetts, supporting 4,170 jobs
50,000+
volunteer hours with nonprofits and public agencies
206,320
visitors to Holy Cross during the 2024-25 academic year, generating $35 million in local economic activity
$4.1 million
institutional grant aid to the 108 students currently enrolled from the city of Worcester
“Holy Cross has long recognized that local companies understand the College’s culture,
respond quickly when needs arise, and deliver results that literally last for generations. At the same time, these partnerships fuel local jobs and reinvest dollars close to home. This allows local businesses like ours to grow alongside the college.”
Top 10 Facts You Need to Know
- For every dollar the College charges in tuition, 40 cents goes back to students in scholarships and grants. During the 2024-25 academic year, Holy Cross provided $85 million — 33.7% of its annual operating budget — in institutional aid to students and families, including $4.1 million to students from the city and $25 million to Massachusetts residents. This does not include financial aid from federal or state sources.
- Approximately 66% of the College’s annual operating budget is funded by net revenue from tuition and other fees, such as housing and meal plans. The remainder is funded by endowment earnings (18%); gifts, grants, and donations for immediate use (9%); and other revenue (7%), such as facility rentals, catering, and ticket sales for athletics and performing arts.
- As noted above, the College’s endowment funds nearly one-fifth of its annual operating budget; it is not surplus or supplemental. Rather, the endowment is an essential source of funds that enable us to provide generous institutional student aid and provide the formative experience we are called to deliver as a Jesuit liberal arts college. Any reduction to the endowment’s value takes money directly out of our students’ and families’ pockets.
- In FY25, Holy Cross spent $23,422,787 with locally owned businesses in Worcester County — nearly $14 million in the city of Worcester alone. The College spent more than $52 million with locally owned businesses across the commonwealth.
- Acquired by Holy Cross in January 2025 through a partnership with Madison Properties, the Brussels St. complex formerly occupied by Rotmans Furniture remains on the city’s property tax rolls. For more than 15 years, Holy Cross has made a practice of keeping properties it acquires on the tax rolls whenever possible; in cases when a property must be removed, we increase our voluntary contributions to the city by a comparable amount.
- Holy Cross contributed $391,010 to the city of Worcester in property taxes and voluntary contributions in FY25. We anticipate this figure will increase to $430,000 in FY26. With fees for police details, permits, licenses, and more, the College paid $618,034 in total to the city from July 1, 2024 to June 30, 2025.
- Despite operating as a nonprofit institution, the College has a meaningful impact on tax revenues, inducing $38 million in annual taxes to the Commonwealth of Massachusetts and $153 million in federal taxes each year.
- Holy Cross students volunteered more than 50,000 hours with public agencies and nonprofit organizations during the 2024-25 academic year. Worcester Public Schools received the largest amount, with students volunteering nearly 12,000 in public schools throughout the city.
- Last year, the College provided more than $624,000 in stipends, enabling students to pursue unpaid and underpaid internships without forgoing income from other types of employment.
- During the 2024-25 academic year, 206,320 people visited Holy Cross. These range from residents of Worcester and surrounding communities attending games at Fitton Field or events at The Prior Performing Arts Center, to prospective students and their families traveling to Worcester from across the country and around the world. In total, these visitors to Holy Cross generated $35 million in economic activity in the city.