New research from the Terry College of Business Selig Center for Economic Growth found the University System of Georgia (USG) had an impact of $21.9 billion on the state’s economy and generated more than 160,000 full- and part-time jobs during fiscal year 2023.
In the annual study conducted on behalf of the USG, Jeff Humphreys, director of the Selig Center, found USG’s impact grew by 9 % — or $1.8 million — between fiscal year 2022 and 2023.
As part of a companion study released this week, Humphreys found USG bachelor’s graduates from the class of 2022 will earn more than $1.37 million more during their lifetimes than 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,” USG Chancellor Sonny Perdue said. “At the same time, we are a billion-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 total economic impact for Fiscal Year 2023, up from $20.1 billion in Fiscal Year 2022, included $14.6 billion in initial spending by students and by USG’s 26 institutions on personnel and operating expenses. The remaining $7.3 billion is the multiplier impact of those funds in a local community.
Of the 163,332 jobs generated by USG institutions, approximately 32% of the positions are on-campus jobs and 68% 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. Data also show USG and its institutions create about the same employment impact in the state as Georgia’s top five employers combined.
In the companion study on graduate earnings, Humphreys found the 72,037 USG graduates from the 2023 class can expect a total lifetime earnings of $220 billion, $70 billion more than they could expect if they didn’t go to college or graduate school.
According to the study, higher education positively impacts graduate earnings at all levels.
On average, those who earn a certificate will earn $284,199 more. Those who attain an associate’s degree earn $449,323 more; with a bachelor’s degree, $1.37 million more; a master’s degree, $1.67 million more; a professional degree, $2.58 million more; and a PhD, $2.4 million more.
The average increase in lifetime earnings fluctuates year-to-year for each graduating class depending on how many bachelor’s degrees are awarded compared to the other degree categories. If factoring in less-than-four-year degrees for the Class of 2023, the average amount of extra earnings is $911,459.
The Selig Center for Economic Growth is a public service and outreach unit within the University of Georgia Terry College of Business. The center provides applied economic analysis to support informed financial and policy decisions in every sector of the state’s economy.
(Article first published by Kristina Torres at the University System of Georgia)
