Tulane University has a $982 million annual impact in the New Orleans regional economy as its largest private employer, a new study shows.
The university’s impact on the state exceeds $1 billion, supporting about 11,800 direct and indirect jobs, according to the report compiled by New York City economic development firm Appleseed.
“Tulane University has a unique and vital role in the New Orleans community not only as its largest private employer and a major research institution but also as a significant source of ‘brain gain’ for the region,” said Tulane University President Michael Fitts. “Our students come from across the country, and, after completing their studies, many choose to stay to start their own ventures or continue their careers in the region.”
The study calculated Tulane’s economic impact using the university’s fiscal year 2013 expenditures in salaries, purchasing, construction, research funding and operational costs, as well as income created by student and visitor spending and ancillary services.
The findings include:
- Tulane directly employed 5,797 people, excluding students, in fall 2012, a 33 percent increase since 2006.
- Off-campus spending by students from outside of New Orleans totaled $133.5 million, directly supporting 1,520 full-time equivalent jobs; visitor spending totaled $46.5 million, supporting 641 jobs.
- Tulane spent nearly $435 million on goods and services, including nearly $70 million to local companies. It invested $131.9 million in campus construction and renovation projects between 2009 to 2013.
- Tulane research totaled $160.5 million, attracting millions in federal grant funding to the region and supporting key growth areas in biomedical science and engineering, energy, coastal protection and cultural arts.
- More than 2,000 graduates of the School of Medicine live in the area; 426 residents and fellows were enrolled in graduate medical education.