Georgia College & State University
06/30/2022 | News release | Distributed by Public on 06/30/2022 12:19
Georgia College generates $285 million impact on local economy
T he impact on the regional economy by Georgia College reached more than $285 million in 2021-an increase of $2.7 million from the previous fiscal year.
For each job created on campus, two off-campus jobs exist due to university-related spending.
"
With more than 1,100 people working on our campus every day, and thousands of our students spending money in the local area, Georgia College clearly has a significant impact on our local economy. Our annual payroll alone was nearly $65 million this year. In addition, we bring substantial intellectual capital to our region, and I hope our greater community recognizes the tremendous benefit of having a state university in its midst.
- President Cathy Cox
"
Numbers are from an annual study commissioned by the Board of Regents of the University System of Georgia (USG). They show the economic benefits Georgia College imparts on both the private and public sectors which extend to Baldwin, Bibb, Hancock, Jones, Putnam, Wilkinson and Washington Counties.
In 2021, Georgia College created 1,013 jobs on campus for community members and supported another 1,778 jobs off campus through products and services its employees and students purchased.
Overall, USG schools had a $19.3 billion impact on the state's economy. That's a 3.8% increase since 2020. This included $13.1 billion in initial spending by students and USG's 26 public colleges and universities on personnel and operating expenses. More than 152,620 full and part time jobs were generated by USG schools.
The report highlights the vital contribution colleges and universities make toward a healthy state economy. They promote jobs, higher incomes and greater production of goods and services, according to the study conducted by the Selig Center for Economic Growth in the University of Georgia's Terry College of Business.
Benefits for each institution were divided into several categories of related expenditures for colleges and universities. Those include spending by institutions for salaries and fringe benefits, operating supplies and expenses and other budgeted expenditures; spending by students who attend the institutions; and spending by institutions for capital projects.
Economic impact was measured by the initial spending of an institution for operations and personnel, as well as student spending. Total economic impact includes the effect of initial spending and secondary or indirect and induced spending that occurs when initial expenditures are re-spent.