The total economic impact of UHV on the Coastal Bend can be generalized into two broad types of impacts. First, on an annual basis, UHV generates a flow of spending that has a significant impact on the regional economy. The impacts of this spending are captured by the university, visitor, and student spending impacts. While not insignificant, these impacts do not capture the true purpose of UHV. The basic mission of UHV is to foster human capital. Every year, a new cohort of former UHV students adds to the stock of human capital in the region, and a portion of alumni continues to add to the regional economy. Table 3.1 displays the grand total impacts of UHV on the Coastal Bend economy in FY 2018-19 and the expected impacts in FY 2028-29. The total added income of UHV is $320.5 million in FY 2018-19, equivalent to supporting 3,526 jobs.
TABLE 3.1: TOTAL UHV IMPACT, CURRENT AND FUTURE
|FY 2018-19||FY 2028-29|
|Total income (thousands)||Jobs supported||Total income (thousands)||Jobs supported|
By growing the student FTEs to 6,000 by FY 2028-29, the impact created by UHV will increase 53%, amounting to $490.8 million. This is equivalent to sup- porting 5,365 jobs. Even if UHV does not exceed 6,000 FTEs after FY 2028-29, the impact will continue to increase for many years as more alumni enter the regional workforce.
FIGURE 3.2: TOTAL UHV IMPACT, FIGURE 3.1: UHV’S GROWTH BY TYPE OF IMPACT CURRENT AND FUTURE