The University System of Georgia (USG) generated $23.1 billion in economic impact in fiscal 2024, while recent graduates stand to earn $1.4 million more over their lifetimes thanks to their college degrees, according to two studies released Tuesday.
The economic impact total represented an increase of 5.4% over the previous fiscal year. Of that total, $15.2 billion was in direct spending by students and the system's 26 institutions on personnel and operating costs, while $7.9 million was the multiplier impact of those funds on local communities.
The companion study found that graduates from the Class of 2024 earning bachelor's degrees on average will see $1.4 million in lifetime earnings more than those without a college degree. For those with master's degrees, those earnings rise to $1.7 million, while holders of doctorates earn nearly $2.5 million more in their lifetimes on average.
"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," system Chancellor Sonny Perdue said Tuesday. "Students see real returns through higher earnings and better opportunities. Meanwhile, our institutions power Georgia's economy and help local communities thrive."
Of the jobs generated by USG schools during the period surveyed, 32% were on campus, and 68% were off campus. Between them, the university system and the various campuses created about the same employment impact in Georgia as the state's top five employers combined.
Both studies were conducted on the system's behalf by Jeff Humphreys, director of the Selig Center for Economic Growth at the University of Georgia.
