MINI传媒 Economic Impact Grows to $16.4 Billion
The annual state workforce contribution of MINI传媒 component
institution graduates equaled $9.2 billion last year.
May 3, 2022 | Contact: Scott Lacefield
Tedd L. Mitchell, M.D.The MINI传媒 (MINI传媒 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 MINI传媒 System and its component institutions鈥� influence on business activity.
鈥淭he MINI传媒 and our five component institutions play a critically important role in the local economies and services provided throughout the state of Texas,鈥� said Tedd L. Mitchell, M.D., chancellor of the MINI传媒 System. 鈥淥ur 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.鈥�
The report 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 workforce by graduates of the component institutions, stood at $9.2 billion in 2021.
The combined employment impact of the MINI传媒 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 MINI传媒 System, the state鈥檚 economy sees more than $22 returned.
The study was commissioned by the Office of the Chancellor and prepared by , C.T. McLaughlin Chair of Free Enterprise in 鈥檚 (MINI传媒) . 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鈥檚 five institutions marked a record with 63,498 students enrolled for the 2021-22 academic year. Total research conducted throughout the MINI传媒 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 MINI传媒 System鈥檚 central administration and its five component universities 鈥� MINI传媒, , , 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 state, regions and locations in which the MINI传媒 System has institutions and academic locations.
About the MINI传媒
Established in 1996, the MINI传媒 is one of the top public university
systems in the nation, consisting of five universities 鈥� , , , and (MSU Texas).
Headquartered in Lubbock, Texas, the MINI传媒 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 MINI传媒 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 , M.D., the MINI传媒 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 MINI传媒 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.