ATLANTA – The Georgia University System (USG) generated an economic impact of $ 18.6 billion statewide in fiscal year 2020.
Although this increased 0.6% from FY2019, the system actually produced slightly fewer jobs in FY2020, generating 155,010 jobs directly and indirectly from 157,770. for fiscal year 2019.
Fiscal 2020 marked the start of the coronavirus pandemic in Georgia, forcing the university system to shut down in-person teaching and switch to online classes in the last two months of that year’s spring semester.
“With strong state support and significant planning for our campuses, USG’s economic impact on local communities in Georgia has continued despite a difficult year,” said Teresa MacCartney, Acting Chancellor of the United States. university system.
The annual economic impact study conducted by the Selig Center for Economic Growth at the University of Georgia found that every dollar spent directly by the 26 colleges and universities in the system generates an additional 47 cents for the economy of the surrounding region. Of the $ 18.6 billion in economic impact in fiscal 2020, $ 5.9 billion was spent in these local communities.
Of the jobs generated by the system, 34% were on-campus jobs, while 66% were off-campus jobs in the public or private sectors.
A second study by the Selig Center found that graduates of the Class of 2020 system would earn, on average, an additional $ 862,162 over the course of their careers from graduating.
Graduates who end up working in Georgia are expected to bring in a total of $ 175 billion in lifetime earnings, 34% of which can be attributed to their degrees, according to the report.