KNOXVILLE — The University of Tennessee, Knoxville, brings in at least $950.2 million annually in income to the state of Tennessee, and supports 23,055 jobs both inside and outside the university, according to a study released yesterday.
This finding was part of a study done by UT Knoxville’s Center for Business and Economic Research (CBER).
UT economists, led by CBER Director Bill Fox, analyzed data from fiscal year 2008 to estimate the economic impact of the UT System overall as well as the individual impact of the campuses in Knoxville, Martin, Chattanooga, the Health Science Center in Memphis and the Space Institute in Tullahoma.
Including all of its campuses statewide, UT brings in at least $2.5 billion annually in income to the state of Tennessee and supports more than 53,600 jobs. It also generates an estimated $237.6 million in state and local tax revenue.
The economic impact studies focused on direct employment and income data.
According to the CBER study, the $950.2 million income estimate for UT Knoxville includes $727.8 million in payroll spending, $126.6 million in non-payroll spending and $95.9 million in student and visitor spending. The Knoxville campus also generates an estimated $102.4 million in state and local tax revenue each year. Students and visitors attending athletic events on campus spent approximately $226.4 million in FY 2008, accounting for $95.9 million in income and 3,162 jobs. The CBER study notes these figures are likely a conservative estimate of UT’s impact. The study does not quantify the benefits of an educated workforce, research projects or community engagement.
To read more about how all UT campuses impact the state of Tennessee, visit http://www.tennessee.edu/media/releases/051710_income.html.