Socorro, NM (Feb. 7, 2024)—A recent study commissioned by New Mexico Tech reveals that the total economic impact of the STEM university in Socorro is $276 million in total, which is the equivalent to 3,484 jobs.

The study from Lightcast (lightcast.io) uses labor market data from 2021-22, and breaks down the areas of study into two areas: the spending impact on the state’s economy, and also the investment analysis—examining the costs and expected benefits from those expenditures. An infographic was developed to summarize the categories in the study. See below

Key points include the following: 

• For every $1 spent by taxpayers on Tech, the benefit received is equal to $2.70.

 Average starting salaries for Tech graduates are $59,400 for bachelor’s degrees; $73,100 for master’s; $106,200 for doctoral graduates.

 

Complete Graph

Executive Summary

NMT Fact sheet