{"74051":{"#nid":"74051","#data":{"type":"news","title":"Economic Impact of University System $9.7 Billion","body":[{"value":"\u003Cp\u003EA newly released study on the University System of Georgia\u0027s $9.7 billion annual economic impact on the state of Georgia indicates that the economic clout of the USG\u0027s 34 public colleges and universities continues to increase.  \n\u003C\/p\u003E\n\u003Cp\u003EThe study, which spanned Fiscal Year 2004, was conducted by the Selig Center for Economic Growth in the University of Georgia\u0027s Terry College of Business. It was initially released in 2000 covering Fiscal Year 1999, updated in 2002 to report Fiscal Years 2000 and 2001, and has just been updated again to show a $1.7 billion increase in the System\u0027s economic impact since the 2002 study (identified as $8 billion in Fiscal Year 2001).\n\u003C\/p\u003E\n\u003Cp\u003EIn addition to the $9.7 billion in \u0022output impact\u0022 generated by the University System, the study found that public higher education is responsible for 2.8 percent of Georgia\u0027s workforce, or 106,831 full- and part-time jobs.\n\u003C\/p\u003E\n\u003Cp\u003EThe Intellectual Capital Partnership Program (ICAPP), an initiative of the Board of Regents\u0027 Office of Economic Development, commissioned the study by Dr. Jeffrey M. Humphreys, director of economic forecasting for the Selig Center.\n\u003C\/p\u003E\n\u003Cp\u003EThis is the first year the study did not include the economic impact of construction projects on the University System\u0027s campuses. Because of this change, some University System institutions may show a decline in overall economic impact, despite the fact there may have been a significant increase in enrollment over the time period between the two studies.\n\u003C\/p\u003E\n\u003Cp\u003E\u0022The single biggest factor driving the increase in the System\u0027s economic impact is the significant growth in the number of students enrolled in Georgia\u0027s public colleges and universities,\u0022 Humphreys said.  \u0022Not only are there more students, but they are spending more.  And of course, with more students, institutions are spending more to serve them.\u0022\n\u003C\/p\u003E\n\u003Cp\u003EThe $9.7 billion \u0022output impact\u0022 is a measure of sales in a community.  The study calculated spending by each of the System\u0027s 34 institution on salaries and benefits, operating supplies and expenses ($3.8 billion), as well as spending by students who attend that particular institution ($2.6 billion). Of the $9.7 billion total, $6.4 billion (66 percent) is initial spending by the institutions and students; $3.3 billion (34 percent) is the multiplier effect of those dollars as they are spent again in the region. Humphreys found that on average, for every dollar of initial spending in a community by University System institutions, an additional 52 cents was generated for the local economy hosting a college or university.\n\u003C\/p\u003E\n\u003Cp\u003EYet another component of the study is the analysis of the employment impact of all 34 institutions on their host communities. The impact on jobs is significant, accounting for $4.4 billion in salaries and wages for 106,831 full- and part-time employees. Approximately 62 percent of these jobs are off-campus positions in either the private or public sectors and 38 percent are on-campus employees of the University System. The study found that on average, for each job created on campus, there are 1.7 off-campus jobs that exist due to spending related to the institution.  Jobs related to the University System account for about one in every 36 Georgia jobs.\n\u003C\/p\u003E\n\u003Cp\u003EHumphreys notes that the figures do not include spending by people who visit USG campuses to attend meetings, athletic events and reunions, spending by USG retirees living in a community, and income earned by USG employees through consulting and other activities.\n\u003C\/p\u003E\n\u003Cp\u003E\u0022Another important aspect of this study is that we have very detailed data across institutions that can be used for a wide range of planning purposes by the Board of Regents or other state and local agencies and the private sector,\u0022 said Humphreys.\n\u003C\/p\u003E\n\u003Cp\u003EFor example the study shows that the System\u0027s two regional universities are significant economic players in their host communities. Georgia Southern University had a $439 million impact on the local economy and an employment impact of 6,252 jobs while Valdosta State University\u0027s economic impact was $258 million with 3,635 jobs.\n\u003C\/p\u003E\n\u003Cp\u003EIn north Georgia, the combined economic impact of North Georgia College \u0026amp; State University and Gainesville College was $234 million with an employment impact of 2,910 jobs.\u003Cbr \/\u003E\nSeven institutions in the metro Atlanta area - Georgia Institute of Technology, Georgia State University, Clayton College \u0026amp; State University, Kennesaw State University, Southern Polytechnic State University, Atlanta Metropolitan College and Georgia Perimeter College - accounted for $2.9 billion of the University System\u0027s $9.7 billion total, and 37,239 jobs.\n\u003C\/p\u003E\n\u003Cp\u003EThe System\u0027s largest institution - the University of Georgia with 33,405 students - has the single greatest economic impact: $2 billion on the Athens-area economy, or 21 percent of the System\u0027s total statewide economic impact. The Augusta area receives a significant economic benefit from the presence of the Medical College of Georgia and Augusta State University. Together, these two institutions have a $951 million economic impact on the Augusta economy and produce 10,731 jobs.\n\u003C\/p\u003E\n\u003Cp\u003EThe economic impact of two USG institutions in the Savannah area is significant. Together, Armstrong Atlantic State University and Savannah State University pumped $251 million into the Savannah economy and the two institutions produce for 3,315 jobs.\n\u003C\/p\u003E\n\u003Cp\u003E\u0022This Economic Impact Report continues to be an invaluable study,\u0022 said Joy Hymel, executive director of the University System\u0027s Office of Economic Development. \u0022It conclusively demonstrates that beyond the almost incalculable benefits colleges and universities offer communities through a more educated society, cultural opportunities and other activities, our campuses have an ongoing and powerful economic impact on communities large and small.\u0022\n\u003C\/p\u003E\n\u003Cp\u003E\u003Cstrong\u003ENote:\u003C\/strong\u003E \u003Cem\u003EA complete copy of the report can be accessed on the web at:  \u003Ca href=\u0027http:\/\/www.icapp.org\/pubs\/impact\/\u0027\u003Ehttp:\/\/www.icapp.org\/pubs\/impact\/\u003C\/a\u003E\u003C\/em\u003E\u003C\/p\u003E","summary":null,"format":"limited_html"}],"field_subtitle":[{"value":"Economic clout of the USG\u0027s 34 public colleges and universities continues to increase"}],"field_summary":[{"value":"A newly released study on the University System of Georgia\u0027s $9.7 billion annual economic impact on the state of Georgia indicates that the economic clout of the USG\u0027s 34 public colleges and universities continues to increase.","format":"limited_html"}],"field_summary_sentence":[{"value":"34 public colleges and universities\u0027 impact rises"}],"uid":"27301","created_gmt":"2005-01-18 01:00:00","changed_gmt":"2016-10-08 03:02:30","author":"Elizabeth Campell","boilerplate_text":"","field_publication":"","field_article_url":"","dateline":{"date":"2005-01-18T00:00:00-05:00","iso_date":"2005-01-18T00:00:00-05:00","tz":"America\/New_York"},"extras":[],"hg_media":{"74052":{"id":"74052","type":"image","title":"Tech Tower","body":null,"created":"1449178046","gmt_created":"2015-12-03 21:27:26","changed":"1475894686","gmt_changed":"2016-10-08 02:44:46"}},"media_ids":["74052"],"related_links":[{"url":"http:\/\/www.icapp.org\/pubs\/impact\/","title":"Economic Impact Report"}],"groups":[{"id":"1214","name":"News Room"}],"categories":[],"keywords":[],"core_research_areas":[],"news_room_topics":[],"event_categories":[],"invited_audience":[],"affiliations":[],"classification":[],"areas_of_expertise":[],"news_and_recent_appearances":[],"phone":[],"contact":[{"value":"\u003Cstrong\u003ELisa Grovenstein\u003C\/strong\u003E\u003Cbr \/\u003ECommunications \u0026amp; Marketing\u003Cbr \/\u003E\u003Ca href=\u0022http:\/\/www.gatech.edu\/contact\/index.html?id=lgrovenste3\u0022\u003EContact Lisa Grovenstein\u003C\/a\u003E\u003Cbr \/\u003E\u003Cstrong\u003E404-894-8835\u003C\/strong\u003E","format":"limited_html"}],"email":["lisa.grovenstein@comm.gatech.edu"],"slides":[],"orientation":[],"userdata":""}}}