Powering Progress in Tennessee Through Research at the University of Memphis
UofM economic impact study reveals research returns more than $2 for every $1 invested, fueling statewide innovation and prosperity
The University of Memphis continues to prove that research is more than discovery — it’s a powerful driver of economic growth. A new economic impact report shows that UofM research generated $205 million in statewide impact in 2023 alone.
This momentum stems from a record $100 million in research funding secured by the University in FY24, doubling its awards since achieving Carnegie R1 status in 2021. Every research dollar invested produces more than $2 in statewide economic activity, underscoring UofM’s role as a force multiplier for innovation, jobs and community advancement.
“Research at the University of Memphis not only expands knowledge, but it also strengthens our economy and workforce,” said UofM President Dr. Bill Hardgrave. “Our impact extends well beyond campus, fueling innovation across Memphis and Tennessee.”
The report highlights how UofM’s research enterprise positions Memphis as a hub for cutting-edge discoveries while contributing to long-term regional resilience and prosperity.
Read full UofM Economic Impact Report »