News Summary
The University System of Georgia has revealed its economic impact for fiscal 2024, totaling $23.1 billion, a 5.4% increase from the previous year. The financial contributions are attributed to direct spending by students and institutions, along with extensive employment opportunities generated. Graduates also stand to benefit greatly, with significant increases in lifetime earnings based on their degree levels. As USG implements strategies for efficiency, record enrollment numbers highlight the rising demand for higher education in Georgia.
Atlanta, Georgia – The University System of Georgia (USG) has reported an impressive economic impact of $23.1 billion for the fiscal year 2024, marking a 5.4% increase from the prior year. This significant economic contribution highlights the crucial role that USG’s 26 institutions play in the state’s economy.
Out of the total economic impact, $15.2 billion was derived from direct spending by students, faculty, and the USG institutions on essential costs such as personnel and operating expenditures. The remaining $7.9 billion is attributed to the multiplier effect of those funds, which ripple through local communities, creating jobs and stimulating economic activity.
Graduate Earnings Potential
The economic benefits of obtaining a degree from one of USG’s institutions extend to increased earning potential for graduates. Data shows that graduates from the Class of 2024 who earn bachelor’s degrees are projected to make, on average, $1.4 million more over their lifetimes compared to their peers without a degree. Those pursuing a master’s degree can expect an increase of approximately $1.7 million in lifetime earnings, while doctoral degree holders are projected to earn nearly $2.5 million more than individuals without any degree.
Impact on Employment and Local Economy
During the survey period, USG institutions generated numerous employment opportunities, with 32% of jobs created on campus and 68% off campus. The total employment impact of USG schools is comparable to that of the five largest employers in Georgia, underscoring the vital role of these institutions in providing jobs and supporting the local economy.
Leadership Compensation
Amidst these economic highlights, the Board of Regents of the USG is reviewing a proposal for a $50,000 pay raise for Chancellor Sonny Perdue, which would elevate his annual salary to $572,500. Currently, Perdue earns $531,900, placing him among Georgia’s highest-paid state employees. Compared to university heads in neighboring states, his compensation ranks in the middle range. The decision regarding the pay increase is set to be finalized at the Board of Regents meeting on September 16, after a mandatory 30-day waiting period.
Efficiency and Consolidation Efforts
The USG has implemented strategies aimed at improving institutional efficiency, having saved a total of $30 million in administrative expenses since consolidation efforts began in 2011. This initiative is part of a broader strategy to streamline operations and reduce costs while maintaining quality education and services.
Record Enrollment
Additionally, the University System of Georgia has experienced record enrollment numbers in recent years, emphasizing the growing demand for higher education within the state. This trend supports the ongoing dialogue about the vital contributions of USG to the economy, job market, and community well-being.
The findings of both the economic impact and the graduate earnings potential studies were conducted by Jeff Humphreys, the director of the Selig Center for Economic Growth at the University of Georgia. Overall, the data illustrates how education through USG institutions provides substantial benefits not only to individuals but to the state of Georgia as a whole.
Deeper Dive: News & Info About This Topic
- Georgia Recorder: Chancellor Sonny Perdue Poised to Receive $50K Pay Raise
- Google Search: Chancellor Sonny Perdue
- 11 Alive: Who are the Highest Paid State Workers in Georgia
- Wikipedia: University System of Georgia
- Macon.com: University System of Georgia’s Economic Impact
- Google News: University System of Georgia
- MDJ Online: University System of Georgia Packs Huge Economic Punch
- Encyclopedia Britannica: Economic Impact
Author: STAFF HERE AUGUSTA WRITER
AUGUSTA STAFF WRITER The AUGUSTA STAFF WRITER represents the experienced team at HEREAugusta.com, your go-to source for actionable local news and information in Augusta, Richmond County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Arts in the Heart Festival, Westobou Festival, and Masters Week. Our coverage extends to key organizations like the Augusta Metro Chamber of Commerce and Greater Augusta Arts Council, plus leading businesses in manufacturing and healthcare that power the local economy such as Textron Specialized Vehicles, Cardinal Health, and Nutrien. As part of the broader HERE network, including HEREAtlanta.com and HERESavannah.com, we provide comprehensive, credible insights into Georgia's dynamic landscape.
