Report: Vanderbilt brings $8.9 billion to Tennessee

Vanderbilt University pumped $8.9 billion into Tennessee's economy last year, according to a report released last week.

That economic impact was driven by the work of the university and medical center, including construction, jobs and student and visitor spending. The report, which was commissioned by the university, was compiled by a Texas consulting firm using data from the 2013-14 fiscal year.

"We really wanted to raise awareness of the significant contributions a top-tier research university can make to the state," said Beth Fortune, Vanderbilt's vice chancellor for public affairs. "Tennessee is our home and we're committed to contributing to the well-being of our state in meaningful, measurable ways."

According to the report, Vanderbilt employed 62,000 people with more than $3.5 billion in income in the last fiscal year, making it one of the state's top employers.

The university and medical center attracted more than 700,000 visitors to the state, generating spending of more than $189 million.

In addition, the report noted, the university is tracking more than 32 start-up businesses that trace their roots back to Vanderbilt. Those start-ups, most of which are in the technology or life sciences fields, employ 413 people combined.

Ralph Schulz, president and CEO of the Nashville Area Chamber of Commerce, said that while the statistics were impressive, Vanderbilt's impact "goes beyond just numbers."

"Vanderbilt's a magnet for truly innovative thinkers, and the research, the ideas and the ability to look at challenging issues from a unique perspective is a real asset," Schulz said in a statement. "Vanderbilt's helped Nashville build a reputation for leadership in health care, engineering and education as well as other disciplines, and our economy wouldn't be as vibrant as it is without it."

Reach Adam Tamburin at 615-726-5986 and on Twitter @tamburintweets.