ATLANTA — Georgia State University contributed $2.92 billion to the metro Atlanta economy in fiscal year 2022, according to a new study prepared for the University System of Georgia.
The university’s economic impact was an increase over fiscal 2021’s $2.83 billion. The 26 colleges and universities in the University System of Georgia overall contributed $20.1 billion to the state economy in fiscal 2022, an increase of 4.14 percent over the year before.
A separate study examined the earning potential of college graduates, noting that bachelor’s degree holders from the class of 2022 will earn over $1 million more during their lifetimes than they would have without their college degree.
The studies were prepared for the University System of Georgia by Jeffrey M. Humphreys, director of the Selig Center for Economic Growth in the University of Georgia’s Terry College of Business. The impact study calculates total initial spending by colleges and universities in the system — on expenses such as wages, operations and spending by students — as well as total economic output, which includes the re-spending generated in the surrounding community by the initial spending.
Georgia State’s $1.87 billion in initial spending in fiscal 2022 led to the output impact of $2.92 billion, according to the study.
“Georgia State continues to play a vital role not just in preparing students for the careers of tomorrow, but as part of the economic fabric of Atlanta,” Georgia State President M. Brian Blake said. “Our workforce spending, our operating expenditures, our research expenditures, and the money our students spend on campus and off help make the regional economy more vibrant and robust. And with the skills and talents our students leave with, their impact will be felt for decades to come.”
The University System of Georgia overall totaled $14.2 billion in initial spending in fiscal 2022, with an output impact of $20.1 billion. The study also shows the roughly 50,000 on-campus jobs in the system resulted in more than 108,000 off-campus jobs that exist due to institution-related spending.
“USG’s 26 public colleges and universities, individually and collectively, make a significant economic impact across the state, helping to put Georgians to work while spending money in local communities and helping their regional economies support Georgia’s growth,” USG Chancellor Sonny Perdue said. “At the same time, our graduates are the real winners with this million-dollar deal. We’re focused on continuing to help all our students be successful as they use their degrees to prepare themselves for their future prosperity.”