The University System of Georgia (USG) contributed a total of $21.9 billion to Georgia’s economy between July 1, 2022, and June 30, 2023, a $1.8 billion or 9% increase over the previous year, a new study shows.
Conducted on behalf of USG by Jeffrey M. Humphreys, Ph.D., director of the Selig Center for Economic Growth in the University of Georgia’s Terry College of Business, the study also showed USG over the same period generated 163,332 full- and part-time jobs across Georgia.
Concurrently, Humphreys in a companion study found that USG bachelor’s graduates from the Class of 2023 will earn $1.4 million more during their lifetimes than they would have without their college degree.
“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. “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 $21.9 billion total economic impact for Fiscal Year 2023, up from $20.1 billion in Fiscal Year 2022, included $14.6 billion in initial spending by students and by USG’s 26 institutions on personnel and operating expenses. The remaining $7.3 billion is the multiplier impact of those funds in a local community.
Of the 163,332 jobs generated by USG institutions, approximately 32% of the positions are on-campus jobs and 68% are 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.
In the companion study, findings show the breakdown of how much each level of higher education can add to a USG graduate’s total earnings over the course of their lives. They offer additional evidence about how earnings increase substantially with each step up in earned degree.
On average, each credential generates additional earnings over a USG graduate’s lifetime by:
- 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.
The study shows graduates with at least a bachelor’s degree will earn $1.4 million more throughout their lives. In fact, high school graduates who obtain a bachelor’s degree will boost their work-life earnings in Georgia by 82%, exceeding the 80% increase estimated for the nation.
The average increase in lifetime earnings fluctuates year-to-year for each graduating class depending on how many bachelor’s degrees are awarded compared to the other degree categories. If factoring in less-than-four-year degrees for the Class of 2023, the average amount of extra earnings is $911,459.
“Postsecondary education pays off for USG graduates,” the report said.
The full reports:
