An annual study of the University System of Georgia’s economic impact on the state reports a 7.4 percent increase from fiscal year 2011 to 2012.
In cash, that’s a jump of $980 million, from $13.2 billion to a new high of $14.1 billion of direct and indirect spending in regions served by the system’s 31 colleges and universities.
The study is conducted on behalf of the university system by the Selig Center for Economic Growth in the University of Georgia’s Terry College of Business and is directed by Jeffrey M. Humphries, the center’s director.
Armstrong’s 2012 economic impact figures released
According to the university system’s annual economic impact study, Armstrong Atlantic State University’s impact on the Savannah region increased over the 2011 fiscal year.
From July 1, 2011, through June 30, 2012, Armstrong’s economic impact exceeded $214 million. The 2011 economic impact was close to $209 million. Much of this gain was seen in jobs data, which rose 9.8 percent.
The total economic impact figure is derived from both payroll and goods and services, which came to more than $108 million, and student spending, which exceeded $106 million.
The university accounted for 2,276 jobs in the region, plus an additional 43 jobs generated from capital improvements, such as Armstrong’s new Learning Commons.
The jobs number reflects not only positions on campus but also work generated in the community due to university-related spending on goods, services and payroll.
“The regional impact extends far beyond the jobs, dollars and spending data,” said Michael Toma, Armstrong’s Fuller E. Callaway Professor of Economics and director of the Center for Regional Analysis. “The workforce development impacts are arguably much more significant than the dollar spending impacts.”
Georgia Southern’s economic impact more than $500 million
Georgia Southern University had a $524 million economic impact on Statesboro and the Bulloch County area and accounted for more than 6,500 jobs in fiscal year 2012. according to the university system’s annual survey.
“Despite the tough economic times we faced in the last several years, Georgia Southern continues to grow, provide a high quality education and generate jobs for so many people,” said GSU president Brooks Keel. “We are so proud of what this university contributes to our community and so thankful for the tremendous support we receive in return.”
According to the survey, Georgia Southern student spending accounted for $272 million of the university’s economic impact and resulted in nearly 3,500 jobs in the Statesboro and Bulloch County area.
Savannah State impact totals $148 million
Savannah State University continues to be a major force in the local economy, according to the study, pumping about $148 million into the Savannah metropolitan area during fiscal year 2012.
The study measures the economic benefits SSU conveys to Chatham, Effingham, Bryan, Liberty and Bulloch counties.
The impact is up $9 million since fiscal year 2011, driven in part by increased initial spending by Savannah State for salaries and fringe benefits, operating supplies and expenses and other budgeted expenditures that totaled $124 million. Spending by SSU students increased by approximately $4 million.
In addition, the report attributed more than 1,560 full- and part-time jobs to institutional spending. Of those, approximately 1,090 are off-campus positions.
READ THE STUDY
The full study with data for all 31 USG institutions is available at bit.ly/132U3Et.