What is the Economic Impact of Georgia’s Colleges and Universities?

The University System of Georgia (USG) produced an economic impact of $21.9 billion during fiscal 2023, a 9% increase over the previous year, according to a study released Wednesday.

The system’s institutions also generated 163,332 full- and part-time jobs across the state during that same period, the Selig Center for Economic Growth at the University of Georgia’s Terry College of Business reported. That’s about the same employment impact as the state’s top five employers combined.

In a companion study, the Selig Center also found that the university system’s bachelor’s degree graduates from the Class of 2023 will earn nearly $1.4 million more during their lifetimes that they would have without a college degree.

“USG continues to be a million-dollar deal for our graduates, and we have the data to prove USG degrees will help them increase their prosperity and success,” system Chancellor Sonny Perdue said.

“At the same time, we are a billon-dollar deal for Georgia. Our 26 public colleges and universities make a significant economic impact by helping to put Georgians to work and sustaining local communities across the state.”

The $21.9 billion in economic impact included $14.6 billion in direct spending by students and institutions. The remaining $7.3 billion represented the multiplier effect of those funds in local communities.

Of the jobs the schools generated, according to the study, 32% were on-campus and 68% were off-campus. Put another way, the study found that for each job a USG institution created on its campus, two jobs were generated in the local community.

Why It Matters: In a time when colleges, universities, and anything academic is being criticized, it may serve as a good reminder to those who are skeptical of higher education that these institutions are big economic drivers.

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