Study: UNM adds $3B to state's economy
August 28, 2018 06:54 PM
ALBUQUERQUE, N.M. - The University of New Mexico released a report on Tuesday on how they contribute to the state's economy.
The university looked at their operations, technology transfers, student, and even alumni spending from last school year.
They say the big takeaway is that UNM provides more than $3 billion to the state's economy. The report focused on how UNM backs job creation, higher salaries, and workforce productivity in the state.
"In 2017, UNM graduates earned roughly $2.3 billion more than they would have, had they not gone to college," said Garnett Stokes, UNM President.
The study also revealed 40% of those 2017 earnings were reinvested in the state's economy through purchases from local businesses and institutions.
UNM is helping to start new business ventures, too.
"The Albuquerque campus has spun off 73 active start-ups, 40 of which are located in central New Mexico," Stokes said. "Students participating in the 'Innovation Academy', the UNM entrepreneurial curriculum, they've already spun out 29 student startups, that's pretty remarkable."
Overall, the university says it provides 24,985 jobs, $3.5 billion in employee salary, and $3.1 billion in economic output.
But university officials say there is some room for improvement in working with other local research institutions.
"We could do more to catalyze economic development and entrepreneurship out of UNM," said Kelly O'Donnell, a research assistant on the study.
The university president wants to make sure that education provided by UNM aligns with the needs of the state's workforce. They say they are constantly reevaluating.
To read the full study click here.
Updated: August 28, 2018 06:54 PM
Created: August 28, 2018 02:57 PM
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