LUBBOCK, Texas – A new report that came out this week shows the Texas Tech System of schools showed an economic impact of $16.4 billion for the 2021 fiscal year. This is a 64% increase from a decade ago, according to the report.
Chancellor of the TTU System, Tedd Mitchell, said that in 2012, the overall economic impact was just over $9 billion.
The report categorizes the impact in four significant areas – annual workforce contribution of alumni, employment, labor income and output.
Texas Tech’s President Lawrence Schovanec said, “Tech has a gross economic impact of over 3 billion for the region. It leads to about 20,000 jobs. We have 5500 to 6000 here, but jobs that are created as a result of our activity show up in many other employment opportunities.”
Mitchell explained that one of the most important numbers to pay attention to is the return on investment.
“We try to be very good stewards of the state’s money, but the return on investment for every dollar that they spend on the things that we’re trying to do, we get more than $20 back,” he explained.
For years, the TTU System has had a huge impact on the Lone Star State since it was officially established back in 1996.
Lori Rice-Spearman, the President of Texas Tech University Health Sciences Center explained, “We have created more than 12,500 jobs, and our economic impact across West Texas is about $1.9 billion.”
Schovanec explained, “You can cite all the numbers, and they’re impressive, and they’re important. But one thing economic impacts that the report doesn’t always capture is the quality of life.”
Mitchell added, “We need to be training the next generation for the world they’re going to live in, not for the world that we’re living in today. So, we fully expect to see that our economic impact continues to grow.”
The TTU System is one of nine in the U.S. to offer programs for undergraduate, medical, law, nursing, pharmacy, dental, and veterinary education. Last year, a record of almost 13,000 degrees were awarded.