TTU System Reports Economic Impact Grows to Over $16 Billion for 2021 | KLBK | KAMC

LUBBOCK, Texas — A new report released this week shows the Texas Tech System of Schools showed an economic impact of $16.4 billion in fiscal year 2021. This is a 64% increase from ten years ago, according to the report.

TTU System Chancellor Tedd Mitchell said that in 2012 the overall economic impact was just over $9 billion.

The report categorizes the impact into four important areas – alumni’s annual contribution to the workforce, employment, labor income and output.

Texas Tech President Lawrence Schovanec said, “Technology has a gross economic impact of more than $3 billion for the region. It generates around 20,000 jobs. We have 5500 to 6000 here, but the jobs created through our activity are found in many other employment opportunities.

Mitchell explained that one of the most important numbers to consider is return on investment.

“We try to be very good stewards of state money, but the return on investment for every dollar they spend on the things we try to do, we get back over $20,” a- he explained.

For years, the TTU system has had a huge impact on the Lone Star State since its official establishment in 1996.

Lori Rice-Spearman, president of the Texas Tech University Health Sciences Center, explained, “We have created more than 12,500 jobs and our economic impact in West Texas is approximately $1.9 billion.

Schovanec explained: “You can quote all the numbers, and they are impressive, and they are important. But if there’s one economic impact the report doesn’t always capture, it’s quality of life.

Mitchell added, “We need to train the next generation for the world they’re going to live in, not the world we live in today. We therefore fully expect our economic impact to continue to grow. »

The TTU system is one of nine in the United States offering undergraduate, medical, law, nursing, pharmacy, dentistry, and veterinary medicine programs. Last year, a record nearly 13,000 degrees were awarded.