The University of Tennessee Health Sciences Center gave the state an economic boost of $ 4 billion last year, according to a new study.
University officials commissioned the study to give taxpayers and lawmakers a new look at UTHSC’s impact beyond training the professionals who staff many healthcare facilities.
UTHSC is the premier publicly funded educator for dentists, pharmacists, physicians, and other healthcare professionals.
UTHSC’s campuses in Chattanooga, Knoxville, Memphis and Nashville employ approximately 3,830 people, including 1,783 faculty members, primarily in Memphis. UTHSC’s flagship medical school and health education complex are located in the Memphis Medical District.
State credits to UTHSC totaled $ 146.8 million, or 28.6% of UTHSC’s operating budget last year. Other sources of money include grants and donations. For example, the National Institutes of Health last year awarded grants to UTHSC researchers worth $ 33.7 million, while philanthropic support to the medical school stood at 38, $ 2 million in 2016.
“Compared to the estimated total economic impact of $ 4 billion, the economic contributions of Tennessee’s flagship public medical school to the state economy have exceeded state funds for the operation of the university by a factor of 27 to 1, âthe report says.
According to the study, the direct economic impact of the four campuses was $ 2.2 billion, while vendors provided an additional $ 719.3 million in products and services. UTHSC employee spending generated an additional $ 1.1 billion in revenue statewide.
The study, released Thursday, updates a supplemental 2011 report that estimates the economic impact of UTHSC to exceed $ 2.3 billion statewide. The latest report, prepared by economist Cyril Chang of the University of Memphis, arrives at its numbers using a different computer model widely used by universities and philanthropic organizations to assess their economic footprint.
According to the new study, UTHSC has supported 32,333 jobs statewide.
The Memphis campus generated the greatest economic impact – around $ 3 billion. The Knoxville campus was worth $ 668 million, Chattanooga $ 368 million, and Nashville $ 1.8 million.
Of the total jobs generated, Memphis accounted for 23,914, while 5,420 were in Knoxville, 2,984 in Chattanooga and 15 in Nashville.
The Memphis campus has six colleges: Dentistry, Graduate Health Sciences, Health Professions, Medicine, Nursing, and Pharmacy.
Industries most affected by UTHSC’s economic footprint include other colleges, real estate, hospitals, doctor’s offices, restaurants, wholesalers, and local government.
The $ 4 billion economic impact is comparable to the annual payroll of a dozen manufacturing plants across General Motors’ 4,000-employee assembly complex in Spring Hill, southwest of Nashville. Overall, the value of all goods and services produced by every store, store, office, factory and business in the state totaled $ 345.2 billion last year.
The University of Tennessee Health Sciences Center provided a $ 4 billion jolt to the state’s economy last year, according to a new study.
UTHSC is the premier publicly funded educator for dentists, pharmacists, physicians, and other healthcare professionals. The Chattanooga, Knoxville, Memphis and Nashville campuses employ approximately 3,830 people, including 1,783 faculty members. UTHSC’s flagship medical school and educational complex are located in the Memphis Medical District.