LUBBOCK, Texas (PRESS RELEASE) — The following is a press release from Texas Tech University System:
The Texas Tech University System (TTU System) recorded a statewide economic impact of $16.4 billion for fiscal year 2021, a 64% increase from a decade ago, according to a report on the TTU System and its component institutions’ influence on business activity.
“The Texas Tech University System and our five component institutions play a critically important role in the local economies and services provided throughout the state of Texas,” said Tedd L. Mitchell, M.D., chancellor of the TTU System. “Our universities provide world-class research and innovation in health care, and prepare work-force ready graduates who serve our communities, our great state and beyond.”
The report 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 workforce by graduates of the component institutions, stood at $9.2 billion in 2021.
The combined employment impact of the TTU System marked 45,000 jobs, which measures the total jobs sustained from operations, employees, research, students and university-related visitors. In addition, the report also detailed that for every dollar the state invests in the TTU System, the state’s economy sees more than $22 returned.
The study was commissioned by the Office of the Chancellor and prepared by Bradley T. Ewing, Ph.D., C.T. McLaughlin Chair of Free Enterprise in Texas Tech University’s (TTU) 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 institutions are located and statewide impact.
Student enrollment across the system’s five institutions marked a record with 63,498 students enrolled for the 2021-22 academic year. Total research conducted throughout the TTU System universities eclipsed $242 million in fiscal year 2020, and a record 12,962 degrees were awarded last year.
The study assesses the economic impact of the TTU System’s central administration 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 several factors such as annual operating budgets, research expenditures and student enrollment to provide estimates on the economic impacts on the state, regions and locations in which the TTU System has institutions and academic locations.
About the Texas Tech University System
Established in 1996, the Texas Tech University System is one of the top public university systems in the nation, consisting of five universities – Texas Tech University, Texas Tech University Health Sciences Center, Angelo State University, Texas Tech University Health Sciences Center El Paso and Midwestern State University (MSU Texas).
Headquartered in Lubbock, Texas, the TTU System is a $2.5 billion enterprise focused on advancing higher education, health care, research and outreach with approximately 21,000 employees, more than 63,000 students, nearly 370,000 alumni and an endowment valued at $1.7 billion. In its short history, the TTU System has grown tremendously and is nationally acclaimed, operating at 24 academic locations in 21 cities (19 in Texas, 2 international).
During the 87th Texas Legislature under the leadership of Chancellor Tedd L. Mitchell, M.D., the TTU System welcomed MSU Texas as its fifth member institution during the 25-year anniversary of the system. MSU Texas is the only Texas university to become a member of the Council of Public Liberal Arts Colleges. Students at MSU Texas choose from more than 60 majors and several pre-professional programs, are active in more than 100 student organizations and bring a spirit of competition to 13 NCAA Division II athletics programs.
In addition, the TTU System is one of only nine in the nation to offer programs for undergraduate, medical, law, nursing, pharmacy, dental and veterinary education, among other academic areas.
(Press release from Texas Tech University System)