AMARILLO, Texas (KAMR/KCIT) — According to a press release from the Texas Tech University System (TTU System), the annual contribution to the workforce of Texas Tech University System graduates was $9.2 billion. dollars last year, with an economic impact of $16.4 billion statewide for fiscal year 2021.
A report on the influence of the TTU system and its component institutions on business activity showed a 64% increase from a decade ago.
“The Texas Tech University System and our five component institutions play an extremely important role in local economies and services provided throughout the State of Texas,” said TTU System Chancellor Tedd L. Mitchell, MD. “Our universities provide world-class health care research and innovation and prepare work-ready graduates who serve our communities, our great state, and beyond.”
Four areas were used to categorize the economic impact: annual workforce, alumni contribution, employment, labor income and production, according to the statement.
TTU System said the employment of its university’s 45,000 jobs, which measures the total number of jobs from operations, employees, research, students and visitors related to the university. The report also states that “for every dollar the state invests in the TTU system, the state’s economy sees more than $22 in return.”
The study, according to TTU, was commissioned by the Chancellor’s Office and prepared by Bradley T. Ewind, Ph.D., CT McLaughlin Chair of Free Enterprise at Texas Tech University’s Rawls College of Business.
TTU added that a record 63,498 students enrolled for the 2021-22 academic year, while a record 12,962 degrees were awarded last year.
The study included five component universities: TTU, Texas Tech University Health Sciences Center, Angelo State University, Texas Tech University Health Sciences Center El Paso, and Midwestern State University with measured economic impact on the state, regions, and locations.