News Release
FOR IMMEDIATE RELEASE
DATE: Feb. 28, 2013
CONTACT: Dailey Fuller, dailey.fuller@ttu.edu
Texas Tech System has nearly $10 Billion Statewide Economic Impact in 2012
The Texas Tech University (TTU) System generated a combined economic impact of $9.98 billion for the state of Texas in 2012, according to a report of the TTU System and its component institutions’ influence on business activity.
The assessment also revealed that for every dollar the state of Texas invests in the TTU System, the state’s economy sees more than $23 returned, which is an increase from $16 in 2011.
“Generating a nearly $10 billion economic impact in 2012 shows the vital and far-reaching influence of the Texas Tech University System,” said Chancellor Kent Hance. “Additionally, every dollar invested in the Texas Tech University System returns $23 to the state’s economy, further proving that there is no better investment for Texans than higher education.”
The report indicates a substantial increase from the TTU System’s $7.37 billion statewide economic impact in 2011 and categorizes the economic impact of the TTU System in four significant areas – annual workforce contribution of alumni, employment, labor income and output.
The total annual workforce contribution of alumni, which represents the yearly contribution to the Texas labor force by graduates of the component institutions, stood at $5.54 billion. The impact on employment increased to 40,775 jobs, which measures the total jobs sustained from operations, employees, research, students and university-related visitors.
More than $1.76 billion was added to the Texas economy through labor income, the total household income created from operations, employees, research, students and university-related visitors. Total output, which represents the total annual economic impact to the statewide economy, grew to $4.44 billion.
“Unprecedented growth throughout the Texas Tech University System has been a major factor in our increased economic impact,” Hance said. “We have a bold vision for our institutions and continue to set records in student enrollment, innovative research and graduation rates.”
Total student enrollment was the largest in the TTU System’s history, reaching 43,725 students in 2012 and setting a new record for the sixth consecutive year. Total research conducted throughout the TTU System approached $200 million in 2012, which was the second highest year on record. Additionally, a record 9,723 degrees were awarded throughout the TTU System in 2012.
The study assesses the economic impact of the TTU System’s central administration and its three component institutions – Texas Tech University, Angelo State University and Texas Tech University Health Sciences Center. The model analyzes several factors such as annual operating budgets, research expenditures and student enrollment to provide estimates on the economic impacts on the entire state, as well as the multiple counties in which the TTU System operates. The survey also includes technology commercialization efforts, as well as the impact of TTU system, employee, visitor and student spending.
The study was commissioned by the Office of the Chancellor and prepared by Bradley Ewing, principal with the Ph.D. Resources Group, LLC. Ewing used an input-output model to do the study. The study conducted in 2011 was based primarily on counties where institutions are located and not statewide impact, as was the focus for the 2012 report.
About the Texas Tech University System
The Texas Tech University System is one of the top public university systems in the state of Texas, consisting of three component institutions and operating at 12 academic sites and centers. Headquartered in Lubbock, Texas, the TTU System has an annual operating budget of $1.5 billion and approximately 17,000 employees focused on advancing higher education, health care, research and outreach.
In 2012, total research expenditures approached $200 million and total enrollment exceeded 43,700 students for the first time in the TTU System’s history. Whether it’s contributing billions of dollars annually in economic impact or being the only system in Texas to house an academic institution, law school, and medical school at the same location, the TTU System continues to prove that anything is possible.
Follow @ttusystem on Twitter for news, events and updates from the TTU System.
CONTACT: Robert Giovannetti, associate vice chancellor, Office of Communications & Marketing, Texas Tech University System, (806) 742-0057, robert.giovannetti@ttu.edu
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