MINI传媒 System Generates $10 Billion Statewide Economic Impact
The study revealed that for every dollar the state of Texas invests in the Texas Tech University System, the Texas economy sees more than $23 returned.
An economic impact study reveals a substantial increase from the MINI传媒 System鈥檚 statewide economic impact in 2011.
February 28, 2013 | Written by Dailey Fuller
The MINI传媒 generated a combined economic impact of $9.98 billion for the state of Texas in 2012, according to a of the MINI传媒 System and its component institutions鈥� influence on business activity.
The assessment also revealed that for every dollar the state of Texas invests in the MINI传媒 System, the state鈥檚 economy sees more than $23 returned, which is an increase from $16 in 2011.
鈥淕enerating a nearly $10 billion economic impact in 2012 shows the vital and far-reaching influence of the MINI传媒,鈥� said . 鈥淎dditionally, every dollar invested in the MINI传媒 returns twenty-three dollars to the state鈥檚 economy, further proving that there is no better investment for Texans than higher education.鈥�
The report indicates a substantial increase from the MINI传媒 System鈥檚 $7.37 billion statewide economic impact in 2011 and categorizes the economic impact of the MINI传媒 System in four significant areas 鈥� 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 force by graduates of the component institutions, stood at $5.54 billion. The impact on employment increased to 40,775 jobs, which measures the total jobs sustained from operations, employees, research, students and university-related visitors.
More than $1.76 billion was added to the Texas economy through labor income, the total household income created from operations, employees, research, students and university-related visitors. Total output, which represents the total annual economic impact to the statewide economy, grew to $4.44 billion.
鈥淯nprecedented growth throughout the MINI传媒 has been a major factor in our increased economic impact,鈥� Hance said. 鈥淲e have a bold vision for our institutions and continue to set records in student enrollment, innovative research and graduating students.鈥�
Total student enrollment was the largest in the MINI传媒 System鈥檚 history, reaching 43,725 students in 2012 and setting a new record for the sixth consecutive year. Total research conducted throughout the MINI传媒 System approached $200 million in 2012, which was the second highest year on record. Additionally, a record 9,723 degrees were awarded throughout the MINI传媒 System in 2012.
The study assesses the economic impact of the MINI传媒 System鈥檚 central administration and its three component institutions 鈥� , and . The model analyzes several factors such as annual operating budgets, research expenditures and student enrollment to provide estimates on the economic impacts on the entire state, as well as the multiple counties in which the MINI传媒 System operates. The survey also includes technology commercialization efforts, as well as the impact of MINI传媒 system, employee, visitor and student spending.
The study was commissioned by the Office of the Chancellor and prepared by Bradley Ewing, principal with the Ph.D. Resources Group, LLC. Ewing used an input-output model to do the study. The study conducted in 2011 was based primarily on counties where institutions are located and not statewide impact, as was the focus for the 2012 report.
About the MINI传媒
The MINI传媒 is one of the top public university systems in the
state of Texas, consisting of three component institutions and operating at 12 academic
sites and centers. Headquartered in Lubbock, Texas, the MINI传媒 System has an annual
operating budget of $1.5 billion and approximately 17,000 employees focused on advancing
higher education, health care, research and outreach.
In 2012, total research expenditures approached $200 million and total enrollment exceeded 43,700 students for the first time in the MINI传媒 System鈥檚 history. Whether it鈥檚 contributing billions of dollars annually in economic impact or being the only system in Texas to house an academic institution, law school, and medical school at the same location, the MINI传媒 System continues to prove that anything is possible.