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
$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.
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
Community outreach and service
Study based on 2014 data
Source: UT Center for Business and Economic Research