A study from the University of Tennessee‘s Boyd Center for Business and Economic Research has shown the incredible impact that the school has on its local economy. According to the Knoxville News Sentinel, the university “was responsible for nearly $1.7 billion in income statewide in 2017, fueling 32,867 jobs and generating $166.4 million in tax revenue.”
The total figure includes employee pay, off-campus spending by students and visitors, and university spending on construction and supplies.
Tennessee’s latest contribution to the economy is up $100 million from 2015.
“The flow of spending through the university, our students, and our visitors has a significant and positive ripple effect throughout the community and state,” Interim Chancellor Wayne Davis said in an announcement regarding the study. “But these numbers capture only a fraction of what UT contributes to the state. Our biggest impact is educating our citizens and preparing Tennessee’s future labor force.”
More from the report:
In fall 2017 UT Knoxville had 28,321 students, more than half the total enrolled in the UT system. The UT Knoxville campus had 9,744 employees, including more than 1,500 full-time faculty. The university also has campuses in Chattanooga, Martin, Memphis and Tullahoma.
Also in 2017 UT paid $575 million in salaries and benefits, according to the study. Another $636 million went for construction projects, maintenance, utilities and supplies, the report said.
That number is not expected to slow down anytime soon.
The seven-page report says that more than $1 billion in construction is underway.