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UT's $9 billion has impact on Tennessee's economy


KNOXVILLE - 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 Tennessee 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," said UT Interim President 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."

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:
UT Knoxville

Economic impact: $1.697 billion
Jobs created: 35,232

UTK Athletics
Economic impact: $150.9 million
Jobs created: 2,929

UT Chattanooga
Economic impact: $353 million
Jobs created: 8,388

UT Martin
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

Indirect Impact:
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.

Published March 1, 2019



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