With the school year underway, the University System of Georgia (USG) is celebrating the previous year’s progress and achievements through its annual economic impact report.
The report, produced by the University of Georgia’s Selig Center for Economic Growth, describes how 26 public colleges in the state allocate their funds, and the effects those dollars have on jobs, income and sales across Georgia.
The USG institutions generated a total of $23.1 billion in total economic output, $16.5 billion in gross regional product and $10.9 billion in income for Georgians. Tech generated an economic impact of $5.8 billion from July 1, 2023 to June 30th, 2024 — the highest among all the universities.
In Fiscal Year (FY) 2024, USG grew across the board with spending, sales and jobs. The most significant growth compared to FY 2023 was in sales and output, with a 5% increase. This growth reflects how leaders in Georgia’s higher education system focused on investing their capital back into the state.
The college’s expenditures were focused on personal services for institutions, employers’ wages, salaries, benefits and students’ personal expenditures. Specifically, Tech had an initial spending of $3 billion and was able to generate an even higher back output impact of over $5 billion. The report highlights how Tech’s presence indirectly supports the state’s economy across sectors and industries.
“A degree from one of USG’s 26 public colleges and universities is a million-dollar deal for graduates and a billion-dollar boost for Georgia,” USG Chancellor Sonny Perdue told the USG. “Students see real returns through higher earnings and better opportunities. Meanwhile, our institutions power Georgia’s economy and help local communities thrive.”
Job creation was one of the largest outcomes the colleges achieved. There was a total employment impact of 119 jobs, consisting of 68 USG jobs at the Shared Services center and 51 off-site jobs in the private sector. For every on-campus job created, there are two off-campus jobs that exist because of spending from the college. Tech led in job creation, with a total of 36,705 jobs created, including 11,634 on campus and 25,071 jobs in other sectors.
“We are proud to deliver an extraordinary return on the resources entrusted to us by the people of our state,” said Institute President Ángel Cabrera. “Every dollar invested in Georgia Tech fuels the development of our nation’s finest talent, research, and innovation, driving economic growth and strengthening communities across our state. This is the power of a public university that strives to grow its impact year after year.”