by Randy Boyd
As I approach 90 days on the job at the University of Tennessee, everywhere I look UT is making a significant impact in so many ways. One profound way is its economic impact across the state.
A recent study conducted, in part, by UT Knoxville’s Boyd Center for Business and Economic Research concluded that UT’s estimated economic impact in our state is $9.094 billion. These figures are impressive, and underscore UT’s significant contribution to ensuring Tennessee’s talent engine is fueled for the future.
The study includes the UT system and its campuses located in Knoxville, Chattanooga and Martin, as well as the Health Science Center in Memphis, the Space Institute in Tullahoma and the statewide Institute of Agriculture and Institute for Public Service. The economic impact was calculated using payroll spending and fringe benefits, non-payroll spending, jobs created through system-related spending and tax revenues.
According to the Boyd Center, UT campuses directly contributed $3.5 billion in economic impact in fiscal year 2017. Coupled with previous studies of the direct and indirect economic contributions of the UT Health Science Center, Ag Extension, client-reported impact of the UT Institute for Public Service and UT Knoxville athletics, UT’s annual impact comes to more than $9 billion. Moreover, this figure does not include the impact from the significant role UT has in co-managing Oak Ridge National Laboratory with its more than 4,000 employees and $2.2 billion budget.
Currently, system-wide enrollment is nearly 50,000 students, including both graduate and undergraduate students, and the system employs about 25,000 faculty, staff and student workers.
Key findings for each campus
- Economic impact: $1.697 billion
- Jobs created: 35,232
- Economic impact: $150.9 million
- Jobs created: 2,929
- Economic impact: $353 million
- Jobs created: 8,388
- Economic impact: $198.2 million
- Jobs created: 5,186
UT Health Science Center
- Economic impact: $824.5 million
- Jobs created: 13,188
UT Space Institute
- Economic impact: $15.5 million
- Jobs created: 292
UT Institute of Agriculture
- Economic impact: $278 million
- Jobs created: 7,449
UT System and UT Institute for Public Service
- Economic impact: $104.7 million
- Jobs created: 1,352
UT Institute for Agriculture Client Reported Impact
- Income generated: $637.1 million
- Jobs created: 6,505
UT Institute for Public Service Client Reported Impact
- Income generated: $1.671 billion
- Jobs created: 494
UT Health Science Center Affiliates
- Economic Impact: $3.162 billion
- Jobs Created: 19,145
I continue to be amazed at all the remarkable ways the University serves students, faculty, businesses, industries, schools, governments, organizations and citizens statewide. Everywhere you look, UT is making a difference.
To access the full report, please visit https://tennessee.edu/transparency/2019-economic-impact/.