The University of New Mexico (UNM) has recently released a report, providing an extensive analysis of data from the academic year 2022. The document seeks to quantify the comprehensive economic influence exerted by the entire UNM system on the state's economy.
The report, entitled "The Statewide Economic Impact of the University of New Mexico", shows that about $1.9 billion, which is half of UNM's annual revenue, comes from out-of-state resources. This considerable inflow not only sustains the university's operations but also positively influences the broader economy. Clinical services offered by UNM Hospitals are a significant source of revenue while operational expenditures in 2022 amounted to around $3.4 billion. Employee compensation is identified as one of the key spending areas.
In addition to these, international and out-of-state student spending, alumni contributions, and innovations fostered by UNM Rainforest Innovations have been instrumental in boosting economic activity and job creation as well as generating additional revenues, according to a press release issued by UNM.
UNM President Garnett S. Stokes expressed her thoughts on this matter in a statement she made to UNM press office: "The Statewide Economic Impact of The University of New Mexico Report, based on data from the 2022 academic year, clearly shows that UNM is making a large economic contribution to our state and continues to drive economic and social prosperity." Stokes further emphasized that "the University of New Mexico is one of the state’s most valuable assets." She pointed out that as the flagship university they provided an impressive $5.2 billion in economic output during academic year 2022 which contributes significantly towards state's prosperity.
As per their About webpage, UNM Rainforest Innovations is a nonprofit organization dedicated to fostering innovation and promoting economic development.
