The Texas Tech University System recorded a statewide economic impact of $16.4 billion in fiscal year 2021, a 64% increase from a decade ago, according to a report on the influence of the TTU system and its component institutions on business activity.
“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,” TTU System Chancellor Tedd L. Mitchell, MD, said in a statement. Press. “Our universities provide world-class health care research and innovation and prepare work-ready graduates who serve our communities, our great state, and beyond.”
The report ranks the economic impact of the TTU system in four important areas – alumni’s annual contribution to the workforce, employment, labor income and output.
Total Annual Alumni Workforce Contribution, which represents the annual contribution to the Texas workforce by graduates of its component institutions, was $9.2 billion in 2021 , says the press release.
The combined employment impact of the TTU system marked 45,000 jobs, which measures the total number of jobs supported by operations, employees, research, students and visitors linked to the university. Additionally, the report also detailed that for every dollar the state invests in the TTU system, the state economy sees over $22 in return.
The study was commissioned by the Chancellor’s Office and prepared by Bradley T. Ewing, Ph.D., CT McLaughlin Chair of Free Enterprise at Texas Tech University Rawls College of Business. Ewing used an input-output model for the study. The study was based primarily on the regions of the state where the institutions are located and the statewide impact.
Student enrollment at the system’s five institutions hit a record high of 63,498 students enrolled for the 2021-22 academic year. Total research conducted at universities in the TTU system topped $242 million in fiscal year 2020, and a record 12,962 degrees were awarded last year.
The study assesses the economic impact of the central administration of the TTU system and its 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. The model analyzes multiple factors such as annual operating budgets, research expenditures, and student enrollments to provide estimates of economic impacts on the state, regions, and locations in which the TTU system has institutions and university websites.