UT Martin brings at least $138.5 million annually in income to the state of Tennessee and supports more than 3,800 jobs, according to a study released in May. The study by the Center for Business and Economic Research at UT Knoxville also found the university generates an estimated $15.1 million in state and local tax revenue each year.
UT economists, led by CBER director Bill Fox, analyzed data from fiscal year 2008 to estimate the economic impact of the UT System overall and the individual impact of the campuses in Knoxville, Martin, Chattanooga, the Health Science Center in Memphis and the Space Institute in Tullahoma. The economic impact studies focused on direct employment and income data.
The university’s payroll for FY 2008, including salary and benefits for 2,152 full-time and part-time faculty, staff and student employees, was $53.9 million. The effect of payroll spending was $107.8 million and accounted for approximately 762 additional jobs.
The $16.3 million UT Martin spent on goods and services in the state led to $10.5 million in income for the state and the creation of 256 additional jobs.
Students spent approximately $47.7 million, accounting for $20.2 million in income and 674 jobs. The study did not include visitors attending non-athletic events.
And that is likely a conservative estimation of UT Martin’s impact, according to the study.
“The university also enhances the culture of each community through the arts, athletics and continuing education opportunities,” said UT Martin Chancellor, Tom Rakes. “UT Martin provides enhanced access through university centers in Jackson, Parsons, Ripley and Selmer, as well as offering a menu of online programs for working adults. This access serves to build a better-educated work force in Tennessee.”
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