The University System of Georgia (USG) contributed $23.1 billion to the state’s economy in fiscal year 2024, according to two new studies. This represents a 5.4% increase from the previous year’s total of $21.9 billion.
“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,” USG Chancellor Sonny Perdue said. “Students see real returns through higher earnings and better opportunities. Meanwhile, our institutions power Georgia’s economy and help local communities thrive.”
The economic impact includes $15.2 billion in initial spending by students and by USG’s 26 institutions on personnel and operating expenses, with an additional $7.9 billion resulting from the multiplier effect in local communities.
USG was responsible for generating 168,635 full- and part-time jobs across Georgia during the period studied. Of these positions, about 32% were on-campus jobs while 68% were off-campus roles supported by institutional activity. The report found that for every job created on campus, two more are created within the surrounding community. The employment impact is comparable to that produced by Georgia’s five largest employers combined.
A companion study indicated that graduates from the Class of 2024 with bachelor’s degrees can expect to earn over $1.4 million more during their lifetimes than they would without a college degree. The data show that higher levels of education lead to greater increases in lifetime earnings:
Certificate holders can expect an additional $292,582;
Associate degree recipients: +$462,576;
Bachelor’s degree: +$1,414,108;
Master’s degree: +$1,717,175;
Professional degree: +$2,659,505;
Ph.D.: +$2,499,996.
For the Class of 2024’s 73,006 graduates, combined total lifetime earnings are projected at $230 billion—$73 billion more than if they had not completed college or graduate school.
High school graduates who go on to earn a bachelor’s degree will increase their work-life earnings in Georgia by 82%, which is above the national estimate of an 80% increase.
Both studies were conducted for USG by Jeffrey M. Humphreys, Ph.D., director of the Selig Center for Economic Growth at the University of Georgia’s Terry College of Business.
The reports note that average increases in lifetime earnings fluctuate annually depending on how many bachelor’s degrees are awarded relative to other credentials; when including less-than-four-year degrees among the Class of 2024 graduates, average extra earnings still exceed $1 million.
