ETSU’s economic impact on the region reaches $683 million
The study shows the total economic impact of ETSU and the Medical Education Assistance Corporation (MEAC), which is the physician practice group for the James H. Quillen College of Medicine, as topping $683 million. The figure for ETSU alone, without MEAC, is nearly $620 million. The impact on household income is $253 million, and 5,261 full-time jobs are created. The average pay of those jobs is $48,218.
“What I found,” Hipple says, “is that ETSU continues to have a significant impact on regional income and employment.”
The study examined the direct impact of ETSU through the institution’s activities in the community, and the indirect impact derived from the university’s spending practices, especially through wages and salaries.
The economic impact is measured in terms of output (production), the number of full-time jobs created, and the household earnings of those jobs. The current study focuses on ETSU’s impact on eight counties in Northeast Tennessee and nine counties in southwest Virginia and is based on the ETSU budget for fiscal year 2010-2011.
The impact study uses the Regional Input-Output Modeling System (RIMS) procedure developed by the U.S. Bureau of Economic Analysis, which conducts federal government analysis of regional, national and international issues.
A similar study Hipple conducted in 2001 (which did not include MEAC) shows that ETSU’s total economic impact at that time was $328 million, compared with $620 million for ETSU alone today, an increase of approximately 90 percent. Since 2001, due to the growth of the university, the number of jobs created has increased by 40 percent and the resulting household income has increased by more than 50 percent.
For further information, contact Hipple at (423) 439-5304 or firstname.lastname@example.org.