The Economic Impact of the University of Tennessee, Knoxville, on the State of Tennessee: Academic Year 2013-2014.

Author: William F. Fox, Lawrence M. Kessler

Publication Date: November 1, 2014

The Tennessee economy and its residents benefit from the University of Tennessee, Knoxville, through the creation of jobs, incomes, and tax revenues. UT also provides Tennessee with many qualitative effects, such as a trained labor force, visibility around the world for its research, and public service benefits. First, the university provides 9,263 faculty, staff, and student employees with salaries, which directly impacts the state’s economy. UT’s payroll spending for fiscal year 2014, including fringe benefits, totaled $522.5 million. UT also generates income and jobs for the state indirectly by spending money on goods and services in Tennessee. Nonpayroll spending for the university amounted to $545.0 million in FY14. Combined with the indirect economic benefit for the state’s economy as incomes are spent and re-spent, UT creates an additional $894.8 million in income and 18,682 jobs in addition to those working on campus.