HUNTSVILLE, Alabama — The University of Alabama in Huntsville is worth almost $700 million annually to the Rocket City economy, the school announced today.
The figures came from a recent study completed by Tripp Umbach, a nationally recognized consulting firm in Pittsburgh.
Specifically, UAH had an economic impact of $684.4 million for 2009-2010 and that impact led to the creation of an estimated 7,773 jobs statewide, according to the study.
“The university affects business in the state of Alabama in two ways: 1) Direct expenditures for goods and services by the university, its employees, students and visitors,” UAH said on its website.
“This spending supports local businesses, which in turn employ local individuals to sell the goods, and provide the services needed by the university’s constituents. 2) Induced or indirect spending within the state of Alabama. The businesses and individuals that receive direct expenditures re-spend this money within the state, thus creating the need for even more jobs.”
The university’s direct impact for the study period was $297.6 million, and indirect impact was judged to be $386.8 million for the total impact of $684.4 million, according to the study.
“This study shows tremendous direct and indirect economic impact that our campus has on the greater Huntsville area,” UAH President Robert Altenkirch said. “But the influence of the campus extends beyond those dollars. The campus is at the center of an ‘econsystem’ that has positive streams of influence throughout our community.”