University of Houston-Victoria projected to support formation of 5K new regional jobs in the next decade, study finds
New economic impact study predicts UHV to bring significant financial impact in the Coastal Bend Region
VICTORIA, Texas- A new Economic Impact Study illustrates the growth potential of the University of Houston-Victoria and predicts that the university will have a positive impact on the local economy and community in the next decade.
The study, conducted by a national data analysis company called Esmi, used a variety of data including Fiscal Year 2018-2019 and projected 2028-2029 academic and financial reports from UHV, industry and employment data from the U.S. Bureau of Labor Statistics and U.S. Census Bureau, data from Esmi, and an array of studies and surveys relating education to social behavior.
The study shows that during the Fiscal Year 2019 UHV had a total economic impact of $320.5 million in the Coastal Bend Region, including a spending impact of $63.6 million, and added $247.5 million in income from alumni in the region. The projected total regional economic impact is $490.8 million in Fiscal Year 2028-2029.
UHV president, Robert Glenn expressed excitement about the findings of the study. “UHV has been fortunate to enjoy the support of a region that values education, and this report shows how UHV has responded in kind and will continue to do so. In particular, this study shows how the coming growth in UHV’s enrollment will have a massive impact on the region’s economy and the community,” said Glenn.
The study found that UHV’s economic impact supports the equivalent of 3,526 jobs in the Coastal Bend. In the next decade, financial projections show the University’s impact to the Coastal Bend economy increasing by 53 percent, which is the equivalent of supporting 5,365 jobs in the region.
The University also anticipates increased enrollment to the tune of 6,000 full-time equivalent students by the 2028-2029 Fiscal Year. By serving more students, UHV can attract more visitors to the region. The visitor spending impact for FY 2018-2019 was $84,000. The study suggests a 71 percent increase, around $144,700, in added income to the local economy from more visitors.
The increase in full-time students would also increase the student spending impact by 88 percent in the next ten years, from $9.4 million to $17.6 million.
As more students graduate and enter the local workforce, UHV’s alumni impact is projected to grow by 57% by 2028-2029 FY, which would support the equivalent of 3,907 jobs in the region.
“We at the university are proud to know that your support helps us make a difference across the Coastal Bend. Now, as we move toward a bigger and better future, we look forward to continuing to partner with you and others to help UHV and our community grow,” said Robert Glenn, University of Houston-Victoria President.
Read the full study here.