UTM infuses state with $138.5 million in income, supports more than 3,800 jobs
Posted: Friday, May 21, 2010 5:34 pm
The University of Tennessee at Martin brings at least $138.5 million annually in income to the state of Tennessee and supports more than 3,800 jobs, according to a study released.
The study by the Center for Business and Economic Research at UT Knoxville also found the university generates an estimated $15.1 million in state and local tax revenue each year.
“As one of Tennessee’s two public universities west of the Tennessee River, UT Martin continues to play a vital role in the economic, educational and cultural landscape of Tennessee,” said UT?Martin Chancellor Tom Rakes.
“Boasting one of the highest graduation rates among four Tennessee public institutions, UT Martin represents one of the best buys in the South.”
UT economists, led by CBER director Bill Fox, analyzed data from fiscal year 2008 to estimate the economic impact of the UT System overall and the individual impact of the campuses in Knoxville, Martin, Chattanooga, the Health Science Center in Memphis and the Space Institute in Tullahoma.
The economic impact studies focused on direct employment and income data.
The university’s payroll for FY 2008, including salary and benefits for 2,152 full-time and part-time faculty, staff and student employees, was $53.9 million.
The effect of payroll spending was $107.8 million and accounted for approximately 762 additional jobs.
The $16.3 million UT Martin spent on goods and services in the state led to $10.5 million in income for the state and the creation of 256 additional jobs.
Students spent approximately $47.7 million, accounting for $20.2 million in income and 674 jobs. The study did not include visitors attending non-athletic events.
And that is likely a conservative estimation of UT Martin’s impact, according to the study.
“There are significant qualitative benefits from the UT System that, though difficult to quantify, may be as important as or more important than the quantitative effects described above,” the study states.
“These qualitative impacts include benefits from an educated workforce, distinguished research projects and increased community engagement through an array of activities.”
In addition, faculty, staff and students impact their communities through involvement in churches, charities and other organizations.
“The university also enhances the culture of each community through the arts, athletics and continuing education opportunities,” said Rakes.
“UT Martin provides enhanced access through university centers in Jackson, Parsons, Ripley and Selmer as well as offering a menu of online programs for working adults. wThis access serves to build a better-educated work force in Tennessee.”