Georgia College contributes $183 million to local economy
A recent study estimates Georgia College contributed $183 million to the local economy during the 2011 fiscal year (July 1, 2010, through July 1, 2011) — a $6 million increase from the 2010 estimate.
Despite the recent economic downturn, the report by the Selig Center for Economic Growth in the University of Georgia’s Terry College of Business also showed Georgia College’s presence in the community provided 2,256 local jobs — both on and off campus.
“The transformation of becoming Georgia's public liberal arts university nearly 16 years ago has been vital to the overall economic impact of this region,” said Interim President Paul Jones. “It is great to see the university's impact and its contributions to the overall health and well-being of our economy. Not only have our faculty, staff and students had a positive impact, but the impact of several construction projects and other vendor activities has also had an equally positive impact on the region.”
The annual Selig survey for Georgia College’s economic impact includes Baldwin, Hancock, Putnam, Wilkinson, Jones and Washington counties.
Georgia College’s effect on the region’s economy is part of the combined economic impact of the University System of Georgia’s 35 institutions on their host communities that reached $13.2 billion in fiscal year 2011, which is 5 percent higher than the $12.6 billion reported for FY 2010.
The FY 2011 study found that Georgia’s public university system generated nearly 132,000 jobs or more than 3 percent of all non-farm jobs in the state. The bottom line is that one job out of every 29 jobs in Georgia is due to the University System.
“Comparisons of the FY 2011 estimates to those for recent years show that our public college and universities really proved their economic worth during tough economic times,” said study author Dr. Jeffrey M. Humphreys, director of the University of Georgia’s Selig Center for Economic Growth in the Terry College of Business. “That job growth is quite impressive given that the state’s total employment declined by 7 percent during this period.”
The economic estimates in the Selig report are based on several categories:
• University spending on salaries and benefits;
• University spending on operations and supplies;
• University spending on capital and improvements/construction projects; and
• Spending by students who attend the college.
The full study with data for all 35 USG institutions is available at http://www.usg.edu/economic_development/documents/PS-USGImpact2011.pdf