Tennessee athletics releases report on economic impact
Tennessee Vols athletics are a huge asset to the Tennessee economy.
At least that’s what the findings from an economic impact and community benefits report released on Tuesday seem to indicate.
The 67-page report outlines the benefits of Vols athletics on both Knox County and the state of Tennessee as a whole.
According to a press release from the university’s athletics department, those benefits can be defined monetary at $463.9 million per year in economic impact for the state of Tennessee. The number for Knox County, which houses the University of Tennessee and its athletics facilities, is even larger at $618.3 million per year in economic impact.
“The findings from this report further quantify and evidence the significant value of Tennessee Athletics to our state and local economies and communities,” Vice Chancellor & Director of Athletics Dave Hart said via the press release. “The report reflects the profound impact of Tennessee Athletics and its supporters and the figures are truly a testament to the passion of the Volunteer fan base.”
The report indicated that visitor spending for home football games contributes $294.1 million to the state economy, $292.1 million of which is deemed to go to the local economy. It also revealed that a survey indicates over 25 percent of football game attendees reside out of the state of Tennessee, and roughly 70 percent reside outside of Knox County.
It’s easy to get bogged down in the plethora of facts and numbers provided in this detailed report, but we’ll stop there and analyze a bit further.
The Vols played seven home games at Neyland Stadium in 2015. That equates to roughly $42 million worth of economic contributions for each home game. At that rate of return, it’s no wonder that SEC teams are looking for opportunities to host as many nonconference home games as possible.