Economic Impact Report: University of Memphis Contributes $1 Billion to Local Economy
The relationship between the University of Memphis and the City of Memphis is incredibly important to the success and growth of our community. That is why the UofM is immensely proud of a recently conducted economic impact report that highlights the more than $1 billion our University contributes to the local economy. That includes $500 million in labor income and nearly 10,000 Memphis-area jobs.
The primary objective of the economic impact analysis — conducted by Applied Analysis for the UofM — was to quantify the economic contributions of the UofM to the Mid-South community as well as the State of Tennessee. The analysis considered the University’s recurring operations, capital investment projects and the benefits of its research efforts relative to its goal of achieving the nation’s highest research university classification — R1: Doctoral Universities, as defined by the Carnegie Classification of Institutions of Higher Education.
The results of the report prove the UofM is a critical part of the Mid-South ecosystem and that the University is well-positioned to achieve its goal of reaching R1 status.
Further strengthening the UofM's case for achieving R1 is its emphasis on research spending outlined in the report. The University has increased research spending by 50% since 2016. Additionally, research expenditures over the past five years have directly contributed between $45.3 million and $77 million each year to the local economy.
View the full economic impact analysis>
Sincerely,
M. David Rudd
President
University of Memphis
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