The University System of Georgia (USG) contributed $23.1 billion to Georgia’s economy during fiscal year 2024, according to new studies released by the system. This figure marks a 5.4% increase from the previous year’s impact.
“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 studies indicate that out of the total economic impact, $15.2 billion came from direct spending by students and USG institutions on personnel and operational costs, while $7.9 billion was generated as an indirect effect in local communities.
USG was also responsible for generating 168,635 full- and part-time jobs across the state. Of these positions, about 32% were located on campuses while 68% were off-campus roles in surrounding areas. The report noted that each job created at a USG institution led to two additional jobs in the local community, placing the system’s employment contribution on par with Georgia’s top five employers combined.
A related study found that graduates from USG’s Class of 2024 who earned bachelor’s degrees are projected to make over $1.4 million more during their lifetimes than individuals without college degrees. Additional lifetime earnings associated with other credentials included $292,582 for certificate holders; $462,576 for associate degree recipients; $1,717,175 for those with master’s degrees; $2,659,505 for professional degrees; and $2,499,996 for Ph.D.s.
Collectively, the estimated lifetime earnings of the 73,006 graduates from this class will total approximately $230 billion—$73 billion more than if they had not completed higher education programs. The analysis showed that earning a bachelor’s degree increases work-life income by about 82% in Georgia compared to high school graduates alone.
Both reports were prepared 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 average increase in lifetime earnings can fluctuate depending on how many degrees at each level are awarded within any given graduating class but remains significant even when considering credentials below four-year degrees.
