Georgia University System: Economic Impact Reaches $19.3 Billion
The University System of Georgia (USG) contributed a total of $19.3 billion to the Georgian economy between July 1, 2020 and June 30, 2021, an increase of $700 million or 3.8% over compared to the previous year, with the university system continuing to make a significant economic contribution. impact on the entire state, according to a new study.
“USG institutions and the system as a whole are key contributors to our state and are an economic engine for communities in all regions of Georgia,” said USG Chancellor Sonny Perdue. “This economic impact continues to grow, and we are grateful to Governor Brian Kemp and the General Assembly for their support of the university system and public higher education as we focus on increasing prosperity for the ‘state and all Georgians.’
Conducted on behalf of USG by Jeffrey M. Humphreys, Ph.D., director of the Selig Center for Economic Growth at the University of Georgia’s Terry College of Business, the study also showed that USG during the same period generated 152,629 full-time jobs across Georgia.
Total economic impact of $19.3 billion in fiscal year 2021, compared to $18.6 billion in fiscal year 2020, included $13.1 billion in initial spending by students and the 26 public colleges and universities USG in personnel and operating costs. The remaining $6.2 billion represents the multiplier effect of these funds in a local community.
Initial institutional spending includes rounds of funding from the Higher Education Emergency Relief Fund (HEERF), which are federal funds appropriated by the Coronavirus Response and Relief Supplementary Appropriations Act that have provided emergency grants for post-secondary education.
Of the 152,629 jobs generated by US government institutions, approximately 33% of positions are on-campus jobs and 67% are off-campus. The study found that for every job created by a USG institution on its campus, two additional jobs are created in the local community.
Full Economic Impact Report HERE.