UT Economic Impact Study Highlights

UT generates $1.6 billion in annual income for the state of Tennessee, creates nearly 33,000 jobs, and contributes more than $125 million in tax revenue to the state and local governments, according to a study by UT’s Center for Business and Economic Research (CBER) released today.

Some highlights from the report include:

  • $1.6 billion annual economic impact on the State of Tennessee
  • The university creates 33,000 jobs. UT employs 9,263; another 23,659 jobs are created through UT spending.
  •  Enrollment of 27,171 undergraduate and graduate students

Annual Spending

$1.349 billion in annual spending

  • $523 million – Payroll and benefits
  •   $545 million – Nonpayroll

               Includes $147.9 million on construction

  •  $281 million in student and visitor spendingStudents spend $171 million

    Visitors for sports and conferences spend $110 million

Estimates $40.20 for football, $20.10 for basketball, and $218 a day for out-of-town visitors.

 

Tax Revenue Benefits

UT’s spending activity generates $125.3 million in tax revenue for state and local governments and public schools.

$73 million of the total is generated through sales taxes.

 

Qualitative Benefits

An educated workforce

  • Well-prepared graduates
  • Fifty-nine percent of UT students stay in the area immediately following graduation.

Higher-wage jobs, lower unemployment

High-profile research and news business start-up

Cultural diversity

Community outreach and service

 

Study based on 2014 data

Source: UT Center for Business and Economic Research