Texas Tech University System Economic Impact Grows
Have you ever thought what Lubbock would look like without Texas Tech University? Sure, Lubbock would have cotton to lean on and the wine industry throughout the region would continue to grow, but would Lubbock look anything like it does today? The answer is, probably not.
And it's not just Lubbock that Texas Tech is having an impact on. The Texas Tech University System has an impact on each of the cities where a university is located. Total, The Texas Tech University System had a statewide recorded economic impact of $16.4 billion for the fiscal year 2021. According to a press release from Texas Tech, that is a 64% increase from a decade ago.
The report on the economic impact of the Texas Tech University System categorized the impact of the TTU System in four areas. Annual workforce contribution of alumni, employment, labor income, and output. According to the press release, the total annual workforce contribution of alumni was at $9.2 billion in 2021. The report looked at other key areas.
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.
It's safe to say that the Texas Tech University System has a major impact here at home and across the state.
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