The economic impact of Texas A&M and other local members of the Texas A&M University System expanded by almost $250 million in 2009, climbing to surpass $3.5 billion annually, according to Texas A&M's Division of Finance.
The direct local impact of Texas A&M and system affiliates was $1.4 billion. The "multiplier effect," how many times a dollar is spent and re-spent, raises the number to $3.5 billion. The rise was attributed to current construction, research, an increased visitor presence, and a record student enrollment of 48,702 in 2009.
According to a press release, "The annualized average payroll for the 21,146 Texas A&M and A&M System employees (including student employees) based locally was approximately $844.4 million, an increase of more than $27.8 million over the previous year’s estimates. Payroll directly benefits the local economy through purchases made by employees and their families, and it also increases the deposit base in local financial institutions, officials noted."
You can find more details in the press release on the university's Website.
These numbers, along with recent Bryan College Station real estate statistics, tends to confirm the area's strong, stable real estate market. Complete local real estate data, including graphs and mortgage information, is posted daily at MarketReports.SamWhiteRealty.com.
Have a great Saturday!