Georgia College increased its impact on the regional economy to more than $284 million for fiscal year 2017, according to a study commissioned by the Board of Regents of the University System of Georgia. That’s up nearly $50 million since fiscal year 2015.
“There are several ways that the university impacts the economy,” said Johnny Grant, director of economic development and external relations at Georgia College. “The more than 900 jobs on campus and the payroll associated with them is extremely important. In addition, it is estimated that over 2,000 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, Jones Putnam, Washington and Wilkinson counties.
Overall, the 26 University System of Georgia institutions had a $16.8 billion impact on the state’s economy. The colleges and universities provided more than 163,000 full and part-time jobs in the state and $8.1 billion in income to those employees.
The study examines how much a region benefits economically from hosting an institution of higher education.
“These benefits permeate both the private and public sectors of the host communities. For example, for each job created on campus there are 2.2 off-campus jobs that exist because of spending related to the college or university,” according to the report.
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, 2016 and June 30, 2017 to determine economic impact.