Officials say Georgia universities reach $21.9 billion impact on state economy

ATLANTA — The latest figures from the University System of Georgia are pegging its overall economic impact on the state’s economy at $21.9 billion.

The study by USG on the economic impact of their 26 institutions said that was a 9% increase over the previous year.

The University of Georgia’s Dr. Jeffrey M. Humphreys, director of the Selig Center for Economic Growth at the Terry College of Business, conducted the study and found in addition to the billions of dollars, the system helped create 163,332 full and part-time jobs in the state.

“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 in a statement. “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 university system said the yearly economic impact rose by nearly $2 billion from 2022 to 2023.

According to Humphreys, a companion study showed that USG graduates from the class of 2023 will likely earn $1.4 million more in their lifetimes than without their degrees.

In 2022, USG said their impact on the Georgia economy was $20.1 billion, including $14.6 billion in spending by students and personnel on operating costs.

The other $7.3 billion was the multiplier impact of the money on local communities, USG said.

Of the more than 163,000 jobs created by USG institutions, about one-third were on-campus positions, with the rest 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,” USG said.

According to the university system, here’s how much each USG graduate can earn over their lives based on their credentials:

• Certificate: +$284,199
• Associate degree: +$449,323
• Bachelor’s degree: +$1,373,595
• Master’s degree: +$1,667,979
• Professional degree: +$2,583,312
• Ph.D.: +$2,428,372

“Based on work-life earnings estimates for Georgia, the analysis showed that the 72,037 USG graduates from the Class of 2023 can expect combined total lifetime earnings of $220 billion, which is $70 billion more than they could expect to earn had they not gone on to college or graduate school,” officials said about the earnings.

USG also said that high school graduates who later obtain bachelor’s degrees can expect an 82% boost in wages in Georgia, 2% higher than the national average.