September 19, 2024
ATLANTA – The University System of Georgia produced an economic impact of $21.9 billion during fiscal 2023, a 9% increase over the previous year, according to a study released Wednesday.
The system’s institutions also generated 163,332 full- and part-time jobs across the state during that same period, the Selig Center for Economic Growth at the University of Georgia’s Terry College of Business reported. That’s about the same employment impact as the state’s top five employers combined.
In a companion study, the Selig Center also found that the university system’s bachelor’s degree graduates from the Class of 2023 will earn nearly $1.4 million more during their lifetimes than they would have without a college degree.
“USG continues to be a million-dollar deal for our graduates, and we have the data to prove USG degrees will help them increase their prosperity and success,” system Chancellor Sonny Perdue said.
“At the same time, we are a billon-dollar deal for Georgia. Our 26 public colleges and universities make a significant economic impact by helping to put Georgians to work and sustaining local communities across the state.”
The $21.9 billion in economic impact included $14.6 billion in direct spending by students and institutions. The remaining $7.3 billion represented the multiplier effect of those funds in local communities.
Of the jobs the schools generated, according to the study, 32% were on-campus and 68% were off-campus. Put another way, the study found that for each job a USG institution created on its campus, two jobs were generated in the local community.
Additionally, the Board of Regents approved a $3.6 billion fiscal 2026 budget request Wednesday.
The 2026 budget, which takes effect next July, represents a $221.1 million increase over this year’s spending plan. By far the largest increase – $167.8 million – would cover projected enrollment growth.
The regents also adopted a $193.1 million capital budget request, down slightly from the $198 million the university system sought for the current fiscal year. The largest portion of the capital budget – $91.8 million – would go toward five proposed building projects.
The wish list includes $31 million for a new Science, Technology, Engineering, and Math (STEM) building at the University of North Georgia in Dahlonega. Another $23 million would go toward modernizing a building in the Science and Ag Hill area of the University of Georgia campus in Athens.
In fact, most of the capital spending request for construction involves renovation projects as opposed to new construction, Tracey Cook, the system’s chief fiscal officer, told board members Wednesday.
Both the operating and capital budget requests move next to the Governor’s Office of Planning and Budget for review. Gov. Brian Kemp will present his spending requests to the General Assembly in January.
In other business Wednesday, the regents heard results from an internal audit showing the system’s institutions are still not fully complying with a policy issued in May of last year prohibiting the schools from requiring job applicants to submit a diversity statement, typically a one- or two-page document outlining how applicants plan to advance diversity.
All 26 of Georgia’s public colleges and universities either have implemented compliance plans or are in the process of developing a plan, Ted Beck, the university system’s assistant vice chancellor for internal audit, told board members. However, there remain “opportunities for improvement,” he said.
The audit recommended that the schools adopt a system-wide process for ensuring that all job postings ban references to affirmations, ideological tests, or oaths by applicants. The report also suggested the university system adopt uniform mandatory training procedures to be applied to all of the schools.
Perdue said he was pleased with the audit.
“They are doing their best to comply with the wishes of the board,” he said.
