${template-variable} syntax of jQuery Template encodes the HTML if present in the value passed to the template. You can override the default encoding behaviour using {{html template-variable-containing-html}} instead of the ${template-variable} syntax. Here is an example.
<div id="container">
<script id="sampleTemplate" type="text/x-jquery-tmpl">
<div id="cust_${id}">
<span>${name}</span>:
{{html phone}}
</script>
</div>
<script type="text/javascript">
$(document).ready(function() {
var customer = {
id: 101,
name: 'Test',
phone: '<b>123-456-777</b><br/><b>111-223-455</b>'
};
$('#sampleTemplate').tmpl(customer).appendTo('#container');
});
</script>