When the University of Tennessee in Knoxville spends, the local economy benefits, but how much? Released this May, a study from the University of Tennessee’s Center for Business and Economic Research estimated this impact for UTK’s FY2008, which ended June 30, 2008. They make the slightly unnecessary distinction that the only visitors included in the totals are those attending athletic events.
• The university provides 11,767 faculty, staff, and student employees with salaries. UTK’s payroll for FY08, both salary and benefits, was $363.9 million.
• Payroll spending impacts the state economy in the amount of $727.8 million and helps create about 5,140 additional jobs.
• UTK made $191 million in non-payroll expenditures in FY08, which generated $126.6 million in income and created 2,986 jobs.
• Student and visitor expenditures for FY08 are estimated at $226.4 million, creating approximately $95.9 million in income and creating 3,162 jobs.
• Combining the payroll impact ($727.8 million), non-payroll ($126.6 million), and student and visitor spending ($95.9 million), UTK generates a total of $950.2 million in income and creates 23,055 jobs for the state of Tennessee. In addition, $102.4 million is generated in state and local tax revenue from the presence of the university.