Vanderbilt University contributed $8.9 billion to the health of the state of Tennessee’s economy during 2013-14, according to a biennial independent economic analysis, entitled “Vital Stats.”
The analysis, by Austin-based TXP Inc., quantified the total annual economic and tax revenue generated by the university and medical center, including factors such as operations and construction, employment, student and visitor spending, and business spending generated by Vanderbilt-related activities.
“Tennessee and the nation have realized enormous social and economic benefits from Vanderbilt University and Medical Center since the university’s founding in 1873,” the report said.
“Vanderbilt is fortunate to call Tennessee home, and making a positive impact on the quality of life for our neighbors is not just important to us, it is a vital part of our mission to educate, discover and heal,” said Chancellor Nicholas S. Zeppos.
The report noted Vanderbilt’s role in providing an educated workforce, contributing to the commercialization of academic research and influencing community revitalization. Also of note:
- That included Vanderbilt’s more than 25,000 full- and part-time staff and faculty.
- Vanderbilt spent $288 million on construction, building and leasehold improvements. These expenditures supported thousands of local jobs in the construction and building maintenance sector in FY 2013-14.
- More than 700,000 visitors came to the area because of Vanderbilt-related activities, including patients, parents and athletic fans, creating jobs and wages for businesses and vendors in the community. Students and visitors contributed $189.5 million in off-campus spending, and their activities supported 3,900 jobs.
- Tax revenue generated by Vanderbilt and related activities contributed an estimated $225.9 million in tax revenue.
The economic impact report noted that while Vanderbilt is a “pillar” of the local and state economy as one of the largest employers, the impact “extends far beyond these calculations, as the university has a direct role in creating new products and companies.” More than 32 startups have been identified as having their roots at Vanderbilt, the report noted, and the university has become a world leader in sectors such as biomedical informatics, medical imaging and personalized medicine and drug discovery.
“This is an exciting era with an increasing number of opportunities to leverage innovation and discovery into collaborative and entrepreneurial projects with wide-ranging potential for growth and impact in fields such as space exploration, education, pharmaceuticals, health care, robotics, engineering, energy and the environment,” Zeppos said.