UT Knoxville has generated $1.7 billion in annual economic impact
According to a news release by the Boyd Center for Business and Economic Research, UT generates $1.7 billion in annual income, supporting more than 35,000 jobs in the state of Tennessee.
The number is up $100 million since the last report in 2015 and up more than $785 million over the past 10 years.
“The flow of spending through the university, our students, and our visitors has a significant and positive ripple effect throughout the community and state,” said Interim Chancellor Wayne T. Davis. “But these numbers capture only a fraction of what UT contributes to the state. Our biggest impact is educating our citizens and preparing Tennessee’s future labor force.”
According to the report, the university employs over 10,000 people, which includes faculty, staff, and students. In 2017, UT paid about $575 million in salaries and benefits.
The university also helps with economic impact through non-payroll spending, such as construction, utilities, equipment, supplies, and maintenance repairs as well as through student and visitor spending, like sporting events, special events, and conferences.
The university is also coming off a record year for enrollment, research, and giving, according to the news release.