{"535501":{"#nid":"535501","#data":{"type":"news","title":"USG releases results of system-wide economic impact study","body":[{"value":"\u003Cp\u003EA study commissioned by the Board of Regents of the University System of Georgia (USG) released May 12 shows the Georgia Institute of Technology has a $2.87 billion impact on the state\u2019s economy.\u003C\/p\u003E\u003Cp\u003EGeorgia Tech\u2019s total impact was number one among the 31 institutions that constituted the USG in 2015. The system\u2019s total impact for fiscal year 2015 was $15.5 billion. The following universities had the largest economic impact, according to the study:\u003C\/p\u003E\u003Cul\u003E\u003Cli\u003EGeorgia Institute of Technology, $2.87 billion\u003C\/li\u003E\u003Cli\u003EUniversity of Georgia, $2.34 billion\u003C\/li\u003E\u003Cli\u003EGeorgia State University, $1.79 billion\u003C\/li\u003E\u003Cli\u003EAugusta University, $1.23 billion\u003C\/li\u003E\u003Cli\u003EKennesaw State University, $1.04 billion\u003C\/li\u003E\u003C\/ul\u003E\u003Cp\u003EConducted by the Selig Center for Economic Growth in the Terry College of Business at the University of Georgia, the study looked at data from fiscal year 2015 \u2013 July 1, 2014, to June 30, 2015. The impact of the total output of the universities was calculated by adding the initial spending to the re-spending, or multiplier effect, for each institution in its host community.\u003C\/p\u003E\u003Cp\u003E\u201cGeorgia\u2019s colleges and universities have a tremendous impact on our state\u2019s economy,\u201d said Georgia Tech President G. P. \u201cBud\u201d Peterson.\u0026nbsp; \u201cIn addition to areas examined in the study, research as well as collaborations with government, business and industry result in solutions to some of society\u2019s most pressing challenges, while preparing a skilled and diverse workforce. A good example is Tech Square. The innovation neighborhood has helped foster an environment that attracts not only the entrepreneurial community, but also a number of major Fortune 500 and multinational firms that see it as a critical component that helps drive their business. A key factor is access to talent \u2014 specifically, access to the talent of students, faculty, and researchers at Georgia Tech and Tech Square,\u201d he said.\u003C\/p\u003E\u003Cp\u003EThe study also determined that more than 150,190 full- and part-time jobs in the state (3.5 percent) came from USG institutions. Georgia Tech\u2019s employment impact is 23,328 jobs, which includes 7,860 on-campus jobs and another 15,468 off-campus jobs that exist because of Institute-related spending. According to the study, for each job created on campus, 2.1 jobs exist off campus because of the spending related to the school.\u003C\/p\u003E\u003Cp\u003EUSG measures economic impact approximately every five years. In 2010, the last time the study was commissioned, Georgia Tech\u2019s economic impact was calculated at $2.15 billion with 18,127 full- and part-time jobs.\u003C\/p\u003E\u003Cp\u003EImpacts not covered in the study include intellectual capital, such as the fact Georgia Tech has developed the third-largest number of patents in the state behind AT\u0026amp;T and Kimberly Clark. In addition, the Advanced Technology Development Center (ATDC) has been ranked by Forbes magazine as one of 12 business incubators that are changing the world, launching more than 140 companies that together have created thousands of jobs and attracted more than $2 billion in investment.\u003C\/p\u003E\u003Cp\u003EThe study did not include spending by visitors to the schools\u2019 host communities or former employees who stay in the area upon retirement. The study also did not examine intangible benefits to the host communities.\u003C\/p\u003E\u003Cp\u003E\u201cFinally, the outreach and service units of the college or university provide valuable services to local business and residents,\u201d the study\u2019s authors wrote. \u201cCultural and educational programs and facilities often are available to the general public and provide intangible benefits to the host community by improving residents\u2019 quality of life.\u201d\u003C\/p\u003E","summary":null,"format":"limited_html"}],"field_subtitle":[{"value":"Study reveals Georgia Tech\u2019s impact on state economy is nearly $3 billion"}],"field_summary":[{"value":"\u003Cp\u003EA study commissioned by the Board of Regents of the University System of Georgia released May 12 shows the Georgia Institute of Technology has a $2.87 billion impact on the state\u2019s economy.\u003C\/p\u003E\u003Cp\u003E\u0026nbsp;\u003C\/p\u003E\u003Cp\u003EGeorgia Tech\u2019s total impact was number one among the 31 institutions that constituted the University System of Georgia (USG) in 2015. The system\u2019s total impact for fiscal year 2015 was $15.5 billion.\u0026nbsp;\u003C\/p\u003E","format":"limited_html"}],"field_summary_sentence":[{"value":"A study commissioned by the Board of Regents of the University System of Georgia shows Georgia Tech has a $2.87 billion impact on the state\u2019s economy."}],"uid":"28797","created_gmt":"2016-05-10 16:43:55","changed_gmt":"2016-10-08 03:21:39","author":"Lance Wallace","boilerplate_text":"","field_publication":"","field_article_url":"","dateline":{"date":"2016-05-10T00:00:00-04:00","iso_date":"2016-05-10T00:00:00-04:00","tz":"America\/New_York"},"extras":[],"hg_media":{"365201":{"id":"365201","type":"image","title":"Tech Tower close up","body":null,"created":"1449245805","gmt_created":"2015-12-04 16:16:45","changed":"1475895100","gmt_changed":"2016-10-08 02:51:40","alt":"Tech Tower close up","file":{"fid":"201663","name":"08c1004-p4-066_0.jpg","image_path":"\/sites\/default\/files\/images\/08c1004-p4-066_0_0.jpg","image_full_path":"http:\/\/www.tlwarc.hg.gatech.edu\/\/sites\/default\/files\/images\/08c1004-p4-066_0_0.jpg","mime":"image\/jpeg","size":833349,"path_740":"http:\/\/www.tlwarc.hg.gatech.edu\/sites\/default\/files\/styles\/740xx_scale\/public\/images\/08c1004-p4-066_0_0.jpg?itok=nrpGz199"}}},"media_ids":["365201"],"related_links":[{"url":"http:\/\/hg.gatech.edu\/sites\/default\/files\/usg_impact_2015.pdf","title":"University System of Georgia 2015 Economic Impact Study"}],"groups":[{"id":"1183","name":"Home"}],"categories":[],"keywords":[{"id":"166391","name":"2015 economic impact study"},{"id":"1033","name":"Economic Impact"},{"id":"726","name":"University System of Georgia"},{"id":"1966","name":"usg"}],"core_research_areas":[],"news_room_topics":[{"id":"106361","name":"Business and Economic Development"},{"id":"71871","name":"Campus and Community"}],"event_categories":[],"invited_audience":[],"affiliations":[],"classification":[],"areas_of_expertise":[],"news_and_recent_appearances":[],"phone":[],"contact":[{"value":"\u003Cp\u003ELance Wallace\u003C\/p\u003E\u003Cp\u003E\u003Ca href=\u0022mailto:lance.wallace@comm.gatech.edu\u0022\u003Elance.wallace@comm.gatech.edu\u003C\/a\u003E\u003C\/p\u003E","format":"limited_html"}],"email":["lance.wallace@comm.gatech.edu"],"slides":[],"orientation":[],"userdata":""}}}