SAN MARCOS – Texas State University’s economic impact for fiscal year 2020 resulted in more than $2 billion in total economic activity, for the state of Texas and the creation of nearly 16,000 jobs.
The study was conducted by William T. Chittenden, the 2020-2021 Presidential Fellow, associate dean for graduate programs and associate professor of finance in the McCoy College of Business Administration.
Chittenden examined jobs and economic activity created as a result of spending by the university, faculty, staff and students in Hays County, the Central Texas region (defined as Hays County plus the counties of Bastrop, Bexar, Burnet, Caldwell, Comal, Guadalupe, Travis and Williamson) and the entire state of Texas.
The university’s San Marcos Campus is located in Hays County and its Round Rock Campus is located in Williamson County.
The study shows that at the state level, Texas State has a total economic impact of $2 billion, while helping create almost 16,000 jobs. Regionally, those figures show an economic impact of $1.8 billion and 14,500 jobs. In Hays County, the home of the university’s San Marcos Campus, Texas State generates a total economic impact of $1.1 billion annually and contributes to the creation of more than 9,500 full-time jobs.
The economic impact generated by the university’s in?state payroll of $377.3 million is estimated to be $792.8 million for the state of Texas. This includes $496.4 million in labor income, $117.8 million in additional tax revenue that is generated, and $669.5 million in value added. Approximately 40% of the economic impact occurs in Hays County and over 91% of the economic effect occurs in the region. On average, every dollar of Texas State payroll generates $2.06 in total economic activity across the state.
Texas State has the equivalent of 4,532 full-time employees with 2,250 residing in Hays County, making it the largest single employer in the county. The spending by full-time employees had the indirect effect of creating 816 additional jobs and the induced effect of creating 1,765 additional jobs in Texas, for a total of 2,581 additional jobs in the state.
The vast majority of the economic impact by visitors benefits Hays County,” Chittenden said. “Visitors to Texas State have a significant impact on the local economy. It is estimated that over half a million people come to events at the university facilities and collectively spent more than $84 million. That leads to the creation of over 2,400 jobs and $150 million of economic activity in the state.”
This fall, enrollment at Texas State campuses at San Marcos and Round Rock hit 37,900 students, making it the state’s fourth-largest university. Spending by Texas State students has a sizeable effect on the local economy. In Hays County the total economic impact from university student spending is $335.3 million with more than 2,500 jobs created. Each dollar of student spending generates $1.13 of economic impact at the state level.
Chittenden has bachelor’s and a master’s degrees in finance and economics from the University of Texas at El Paso. He earned a doctorate in business administration from Texas Tech University. Before joining Texas State in 2000 he was at the Northern Illinois University. Chittenden is the former chair of the Department of Finance & Economics (2009-2013); and a member of the Hays County Treasurer Advisory Council, the Texas Association of Counties County Investment Education Committee and the SouthWest Texas Border SBDC Advisory Board.