A study released in May shows UTMB has a broad and significant economic impact in our local communities, the region and throughout the state.
The study, produced by Friendswood-based Quanticon LLC, looked at FY2015 and measured UTMB’s generation of business volume, personal income, durable goods purchased and job creation in the local communities where it has a presence, in the region and throughout the state of Texas.
According to the study, UTMB operations throughout the state generated more than $3.3 billion in business volume, over $2 billion in personal income and created 46,242 jobs both directly and indirectly during FY2015.
On Galveston Island alone, UTMB generated more than $300 million in business volume and accounted for approximately a quarter of the entire island workforce through the creation of 10,187 direct and indirect jobs.
“This study is just another way to think about the impact of our institution,” UTMB President Dr. David L. Callender said during the July 11 Town Hall discussion about the report. “Of course, our principal impact is through our mission work: education, research and patient care. But it’s important to remember that we also generate great economic benefit for Galveston, Galveston County and the state of Texas.”
Quanticon also found that, despite its tax-exempt status, the university’s presence on Galveston Island contributes to local government through taxes paid by UTMB employees, students and local vendors, as well as through municipal-type services that UTMB provides for itself (for example, police). The result: UTMB activities contribute $1.58 to the city of Galveston for every dollar forgone through its tax-exempt status.
“The numbers tell only part of the story. Certain aspects of UTMB’s activities are not easily quantifiable but may also be considered to have economic consequences,” the report stated. “For example, the health care provided by UTMB that mends the injured and aids the sick would be expected to increase the productivity of adults and children at work and school.
“Also, the physicians, nurses, health professionals and scientists trained at UTMB, and the health and medical research performed by faculty and students, will contribute to the betterment of public health and, through alumni employment, generate further economic activity.”
See the full report at www.utmb.edu/economic_impact