University System of Georgia’s Economic Impact Grows to $19.3B
Tuesday, June 28th, 2022
The University System of Georgia (USG) contributed a total of $19.3 billion to Georgia’s economy between July 1, 2020, and June 30, 2021, a $700 million or 3.8% increase over the previous year as the university system continued to make a significant economic impact across the state, a new study shows.
“USG institutions and the system as a whole are key contributors to our state and are an economic engine for communities in every region of Georgia,” USG Chancellor Sonny Perdue said. “That economic impact continues to climb, 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 in the University of Georgia’s Terry College of Business, the study also showed USG over the same time period generated 152,629 full- and part-time jobs across Georgia.
The $19.3 billion total economic impact for fiscal year 2021, up from $18.6 billion in fiscal year 2020, included $13.1 billion in initial spending by students and by USG’s 26 public colleges and universities on personnel and operating expenses. The remaining $6.2 billion is the multiplier impact of those funds in a local community.
Included in the initial spending by the institutions are rounds of funding from the Higher Education Emergency Relief Fund (HEERF), which are federal funds allocated by the Coronavirus Response and Relief Supplemental Appropriations Act that provided emergency grants for postsecondary education.
Of the 152,629 jobs generated by USG institutions, approximately 33% of the positions are on-campus jobs and 67% are off-campus. The study found that for each job created by a USG institution on its campus, two additional jobs are created in the local community.
The full economic impact report is available at USG’s website.