STEPHENVILLE ( February 18, 2015) — Tarleton State University provides a $512.1 million annual economic impact to the region, equivalent to 8,393 new jobs, according to a new report issued by Economic Modeling Specialists International (EMSI).
“This report highlights the fiscal effect that Tarleton has on our communities, our region and our state,” said President F. Dominic Dottavio. “Tarleton not only prepares our students for productive and enriching careers, but also is an excellent investment for Texas taxpayers.”
The university’s economic impact stems from research activities, purchases of goods and services, and from attracting students and visitors to the region. The data is based on fiscal year 2013.
The report indicates that Tarleton students will earn $3.40 for each dollar they spend on their college education, an average annual return of 14.2 percent on their investment. The economic gains for students result from increased employability and higher salary potential.
A typical Tarleton graduate with a bachelor’s degree is expected at mid-career to make almost $32,000 more a year—or $1.2 million during a career—than a similar high school graduate also working in north central Texas. A Tarleton graduate degree would add another $15,000 a year.
While students experience financial gains, taxpayers also benefit. Texas invested $43 million to support Tarleton in Fiscal Year 2013. Tax revenue from future student incomes and increased output from businesses will bring more than $290 million in benefits to taxpayers and reduce the need for government services by another $73 million. Combined, that gives taxpayers an $8.40 return for every dollar spent on Tarleton.
The state and its communities actually benefit the most, according to the study, with a return of more than $16 for each dollar spent on Tarleton. In addition to the added income that Texas gains from the students’ careers, Texas also benefits from reduced crime, lower welfare and unemployment costs and increased health and well-being associated with a college education.
Economic impact is not the only benefit that Tarleton provides, noted President Dottavio. “Texas also benefits from Tarleton’s scholarship and research, which contribute to significant advances in business, agriculture and other fields, as well as Tarleton’s educational, social and cultural contributions to our many communities and the state.”
The report, “Demonstrating the Collective Economic Value in Texas Added by Colleges and Universities Represented by Three Statewide Higher Education Associations,” was supported by the Council of Public University Presidents and Chancellors, the Texas Association of Community Colleges and the Independent Universities and Colleges of Texas, as well as the Sid Richardson Foundation.
The Tarleton service region for the study used 14 counties: Dallas, Ellis, Hill, Johnson, McLennan, Parker, Erath, Comanche, Eastland, Hamilton, Hood, Palo Pinto, Somervell and Tarrant.
The full EMSI report can be found online at www.tarleton.edu/documents/economic-impact.pdf.
To learn more about Tarleton, visit the university homepage, www.tarleton.edu.