I want to share with you the results of a recently completed study that examined UT Austin’s impact on the economy of the state. The study, conducted by the firm Economic Modeling Specialists International, found that in fiscal year 2013, human capital creation, start-up and spin-off companies, operations spending, and payroll at UT Austin, together with the spending of our students and visitors, generated $8.8 billion in added income to the Texas economy.
This constitutes a 15-to-1 return on investment by the state, and is the equivalent in economic activity of creating 133,000 jobs every year.
Perhaps the most striking number in the report is the long-term economic impact. UT’s enrolled students in 2013 (the year studied) will generate an estimated $23.5 billion for the state’s economy over the course of their careers. And Texas communities will realize $2.8 billion in savings related to reduced crime, lower unemployment, and increased health and well being across the state due to benefits associated with UT Austin.
We know from many anecdotes how important the state’s flagship university is to the Texas economy. These numbers corroborate those stories. A summary of the report can be viewed here. The full, 67-page report can be viewed here.
What starts here changes the world.
