By Michael Slother - email
LUBBOCK, TX (KCBD) - The countdown to the Red Raider/Longhorn match up continues, and a new study on Texas Tech's economic impact on the City of Lubbock reveals some big numbers.
The study shows that in 2009, Texas Tech contributed $1.2 billion to Lubbock County's economy. Factors studied include how much the students spend, how much the staff spends, and how much the university spends. We talked with business owners around the city to see how the university impacts their profits. "The line goes out the door down University and down 9th Street," said Spanky's owner Lisa West.
She says her game day crowds are huge and being across from Texas Tech has done wonders for her business. "I used to close for a week at Thanksgiving, a week at Christmas, in between semesters in the summer, it was pretty crazy. Now I close on Thanksgiving and Christmas, and that's about it.
Lubbock Economic Development Alliance CEO John Osborne told us how Tech is able to generate so much revenue. "The only way to grow in economy for any city is to bring outside dollars in. When you have the state infusing dollars through Texas Tech and you have students coming in from other places and they move to Lubbock, it helps bring those outside dollars in and helps our economy grow."
As Tech moves closer to their goal of 40,000 students by 2020, they'll create more jobs. "Every 1,000 students creates 100 jobs. If we go to 40,000 [students] and add 10,000 you do the math and see what happens with job growth," said Texas Tech President Guy Bailey.
Bailey said the study also shows that Tech helps sustain around 15,000 jobs. He says the relationship between Lubbock and Tech is important, because as the city grows, the school does too. "As the city grows, amenities for students grow. [There is] shopping, students have credit cards, and you have more restaurants and hotels for parents to stay in, so we're very much dependent on the growth of the city," said Bailey.
Lubbock Hotel Motels Association President Michael Khan says the school's presence constantly brings in revenue, especially on big game weekends like this one. "Texas Tech is one of, if not the biggest producers here as far as revenue and generating revenue in Lubbock," Khan continued. "I think Texas Tech helps and supports Lubbock very well."
West has been the owner of Spanky's for over 20 years and has seen her business grow from 23 seats to 150. "I think that it's gotten stronger over the years, as techs grown and produced so much more I think the city is realizing that more as well as the businesses," West said.
Bailey is excited about the revenue that Tech will help generate this weekend too. "Think about 60,000 plus fans; think about all the hotels being full, and all the airlines being full."
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