Georgia
Georgia Southern’s FY2023 economic impact soars beyond $1.145 billion | Newsroom
Recent reports from the University System of Georgia (USG) highlight that Georgia Southern University continues to make a significant economic impact both on its surrounding region and on the graduates it produces.
The USG recorded a $21.89 billion total economic impact from July 1, 2022 until June 30, 2023, while Georgia Southern’s annual economic impact has soared beyond $1.145 billion for FY 2023, a 3.4% increase over the previous year and a new recorded impact total.
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.
In terms of economic impact, there are 3,265 jobs on Georgia Southern’s campuses in Statesboro, Savannah and Hinesville. Because of institution-related spending, 6,550 jobs exist off-campus, meaning that a total of 9,815 jobs exist due to institution-related spending in fiscal year 2022. The report also noted that Georgia Southern students spent $417,549,495 in the region in fiscal year 2023.
“Georgia Southern’s record economic impact throughout the region is a direct reflection of the remarkable work being done by our dedicated faculty and staff on all three campuses,” stated Georgia Southern President Kyle Marrero. “As we move into the fall semester with increased enrollment, we remain committed to meeting the needs of Southeast Georgia by developing talent and supporting the University’s robust public impact research initiative. ”
In a companion study, Humphreys 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.
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 are available online: USG Lifetime Earnings 2022 and USG Economic Impact 2023