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In a study conducted by 2021-2022 Presidential Fellow, William T. Chittenden, Texas State University had an economic impact that resulted in more than $2 billion in total economic activity for the state of Texas and the creation of nearly 16,000 jobs.
Chittenden, who also serves as associate dean for graduate programs and associate professor of finance in the McCoy College of Business Administration examined jobs and economic activity created as a result of spending by the university, faculty, staff and students, in Hays County, the Central Texas region and the entire state of Texas.
According to the study, Texas State has a total economic impact of $2 billion, while helping create almost 16,000 jobs at the state level. Regionally, those figures show an economic impact of $1.8 billion and 14,500 jobs.
“The vast majority of the economic impact by visitors benefits Hays County,” Chittenden said. “Visitors to Texas State have a significant impact on the local economy. It is estimated that over half a million people come to events at the university facilities and collectively spent more than $84 million. That leads to the creation of over 2,400 jobs and $150 million of economic activity in the state.”
In Hays County alone, TXST generates a total economic impact of $1.1 billion annually and contributes to the creation of more than 9,500 full-time jobs, the study found.
The university's San Marcos Campus is located in Hays County and its Round Rock Campus is located in Williamson County. This fall, enrollment at both campuses hit 37,900 students, making it the state’s fourth-largest university.
Chittenden also found that approximately 40% of the economic impact occurs in Hays County and over 91% of the economic effect occurs in the region. On average, every dollar of Texas State payroll generates $2.06 in total economic activity across the state.
The university has the equivalent of 4,532 full-time employees with 2,250 residing in Hays County, making it the largest single employer in the county.
The spending by full-time employees had the indirect effect of creating 816 additional jobs and the induced effect of creating 1,765 additional jobs in Texas, for a total of 2,581 additional jobs in the state.
Hays County and over 91% of the economic effect occurs in the region. On average, every dollar of Texas State payroll generates $2.06 in total economic activity across the state.
The study further showed that spending by Texas State students has a fairly large impact on the local economy. In Hays County, the total economic impact from university student spending is $335.3 million with more than 2,500 jobs created. Each dollar of student spending generates $1.13 of economic impact at the state level.
For more information and to view the full study findings, visit news.txstate.edu/research-and-innovation/2021/txst-economic-impact-creates-2-billion-dollars-in-activity.html.
agonzales
@sanmarcosrecord.com
Twitter: @alyssagonz89
