{"id":31377,"date":"2025-09-03T10:57:36","date_gmt":"2025-09-03T15:57:36","guid":{"rendered":"https:\/\/wearememphis.com\/?post_type=news_press&p=31377"},"modified":"2025-09-16T11:18:42","modified_gmt":"2025-09-16T16:18:42","slug":"university-of-memphis-drives-1-billion-economic-impact-in-2024","status":"publish","type":"news_press","link":"https:\/\/wearememphis.com\/news\/university-of-memphis-drives-1-billion-economic-impact-in-2024\/","title":{"rendered":"University of Memphis Drives $1 Billion Economic Impact in 2024"},"content":{"rendered":"\n

The University of Memphis is proving once again that its influence extends far beyond the classroom. A new economic impact report from Applied Analysis shows that UofM is not only shaping the city\u2019s future leaders but also fueling the Mid-South economy to the tune of nearly $1 billion annually<\/strong>.<\/p>\n\n\n\n

From day-to-day operations and nationally recognized athletics to groundbreaking research, the University continues to serve as one of Memphis\u2019 most powerful economic drivers.<\/p>\n\n\n\n

Building the Memphis Workforce<\/h3>\n\n\n\n

The study highlights UofM\u2019s role in preparing and retaining talent in Memphis and across Tennessee. More than two-thirds of UofM graduates remain in the Memphis metro area a decade after graduation, while 74.4% of the Class of 2024<\/strong> chose to stay in Tennessee.<\/p>\n\n\n\n

\u201cThis report confirms what we see every day at the University of Memphis \u2014 our institution is a driving force of innovation and economic output, creating jobs and strengthening our workforce,\u201d said University of Memphis President Dr. Bill Hardgrave. \u201cOur impact extends well beyond our campus, and we are proud to serve as a flagship institution in Tennessee and the entire Mid-South region.\u201d<\/p>\n\n\n\n

By the Numbers: UofM\u2019s Economic Reach<\/h3>\n\n\n\n

University Operations \u2014 $1 Billion in 2024<\/strong><\/p>\n\n\n\n

    \n
  • $998M total impact, including $547M in direct operating costs and $451M in wages.<\/li>\n\n\n\n
  • $4.3B contributed to the state economy over the past five years.<\/li>\n<\/ul>\n\n\n\n

    Tiger Athletics \u2014 $165 Million in 2024<\/strong><\/p>\n\n\n\n

      \n
    • $530M in total impact over the last three years.<\/li>\n\n\n\n
    • Nearly 500,000 out-of-town visitors annually.<\/li>\n\n\n\n
    • Supports 1,200 jobs each year.<\/li>\n<\/ul>\n\n\n\n

      Research \u2014 $205 Million in 2024<\/strong><\/p>\n\n\n\n

        \n
      • Record $100M in research funding secured in 2023, doubling awards since earning Carnegie R1 status in 2021.<\/li>\n\n\n\n
      • Each $1 invested in research generates just over $2 in statewide economic activity.<\/li>\n<\/ul>\n\n\n\n

        More Than Numbers<\/h3>\n\n\n\n

        The report confirms that the University of Memphis is one of Tennessee\u2019s strongest economic multipliers. For every dollar spent on operations, $1.75 flows back into the state\u2019s economy<\/strong>. When it comes to research, the return is even greater.<\/p>\n\n\n\n

        Beyond the statistics, these results reflect a university that is shaping the workforce, attracting visitors, driving innovation, and strengthening community pride<\/strong> \u2014 a true anchor for the city of Memphis and the Mid-South.<\/p>\n","protected":false},"featured_media":31391,"template":"","meta":{"_acf_changed":false,"inline_featured_image":false},"press_type":[],"class_list":["post-31377","news_press","type-news_press","status-publish","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"\nUniversity of Memphis Drives $1B Economic Impact 2024<\/title>\n<meta name=\"description\" content=\"The University of Memphis generates $1 billion economic impact in 2024, fueling growth and innovation across the region.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wearememphis.com\/news\/university-of-memphis-drives-1-billion-economic-impact-in-2024\/\" 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