June 27 – ATLANTA – Georgia’s university system 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%, from a year earlier as the university system continued to have a significant economic impact statewide, 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, director of the Selig Center for Economic Growth at the University of Georgia’s Terry College of Business, the study also showed USG generated 152,629 full-time jobs. and part-time throughout 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 expenditures include rounds of funding from the Higher Education Emergency Relief Fund, which are federal funds appropriated by the Coronavirus Response and Relief Supplementary Appropriations Act that provided grants for emergency 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.
The full Economic Impact Report is available on the University System’s website.