NEW ORLEANS (press release) — Tulane University is making a significant economic impact on Louisiana, contributing $5.2 billion annually to the state’s economy, according to a recent report. This figure represents a dramatic increase from the $3.14 billion reported in 2019, highlighting the university’s expanding influence under President Michael A. Fitts, who is celebrating his 10th year at the helm.
The comprehensive study by Econsult Solutions Inc. of Philadelphia details Tulane’s role as a major economic driver for both New Orleans and the state of Louisiana. The university’s operations, capital investments, and research activities touch every corner of Louisiana, supporting over 30,000 jobs and generating $88.2 million in state tax revenue.
In New Orleans alone, Tulane’s economic footprint is substantial, contributing $2.3 billion annually and supporting more than 17,000 local jobs. The university’s role in attracting high-achieving students and top-tier scholars is crucial, especially given the recent decline in the New Orleans metro area’s population.
Graduates of Tulane are also contributing significantly to the state’s economy. The higher earnings of Tulane alumni foster approximately 2,320 additional jobs, with an economic impact of $461 million statewide, and $219 million annually in New Orleans.
Gov. Jeff Landry praised Tulane’s impact in a press release, noting the university’s role in generating high-paying jobs and attracting talent, which contributes to making Louisiana a more desirable place to live and work.
Tulane’s influence extends beyond education and job creation. The university’s capital investments, averaging $166 million per year, create an estimated $315 million in statewide economic impact and support nearly 2,000 jobs.
Local businesses also benefit from Tulane’s presence. The influx of students, staff, and visitors boosts revenues for local restaurants, retail stores, and service providers, with ancillary spending contributing $223 million and supporting around 1,560 jobs.
A major component of Tulane’s growth strategy is the $600 million expansion of its downtown campus. This includes transforming the Charity Hospital building into a bioscience hub and repurposing the Tulane Medical Center into a center for healthcare education and treatment. The downtown expansion is expected to have a $1.2 billion impact on the state economy and create 7,300 temporary jobs during construction, with long-term benefits including 1,200 direct jobs and an annual economic impact of $530 million.
City Council President Helena Moreno and Michael Hecht, President and CEO of Greater New Orleans, Inc., highlighted Tulane’s vital role in driving economic growth and innovation in the region. The downtown campus expansion will also include a new nursing program and expanded facilities for the Tulane Innovation Institute.
Looking forward, Tulane anticipates continued growth, with a projected 26 percent increase in student enrollment and a 9 percent expansion in its operating budget over the next decade. This growth is expected to elevate Tulane’s economic impact in Louisiana to an estimated $6.1 billion.
For more information on Tulane University’s economic impact, visit http://impact.tulane.edu.
