Georgia College increased its impact on the regional economy to more than $298 million for fiscal year 2018, according to a study commissioned by the Board of Regents of the University System of Georgia. That’s up from $284 million the previous year.
According to the study, these benefits can be seen in both private and public sectors. One example: for each job created on campus, there are 2.3 off-campus jobs that exist because of spending related to the college or university.
“There are several ways that the university impacts the economy,” said Johnny Grant, director of economic development and external relations at Georgia College. “The approximately 885 jobs on campus and the payroll associated with them is extremely important. In addition, it is estimated that more than 2,200 jobs are created off campus by the products and services Georgia College’s employees and students purchase each year.”
The economic impact of the university extends to Baldwin, Bibb, Hancock, Putnam, Wilkinson, Jones and Washington counties.
Overall, the 26 University System of Georgia institutions had a $17.7 billion impact on the economy statewide. The institutions provided more than 168,000 full- and part-time jobs.
According to the study, the economic impact demonstrates that continued emphasis on colleges and universities as a pillar of the state’s economy translates into jobs, higher incomes and greater production of goods and services.
Each institution’s benefits are estimated for several categories of college/university-related expenditures: spending by the institutions themselves for salaries and fringe benefits, operating supplies and expenses, and other budgeted expenditures; spending by the students who attend the institutions; and spending by the institutions for capital projects.
Economic impact is measured by the initial spending of the institution for operations and personnel, as well as student spending. The total economic impact includes the effect of initial spending and the secondary or indirect and induced spending that occurs when initial expenditures are re-spent.
The Selig Center for Economic Growth at the University of Georgia’s Terry College of Business analyzed data collected between July 1, 2017, and June 30, 2018, to determine economic impact.