The University of Georgia’s economic impact on the state of Georgia has exceeded the prior year.
The university reports the research and educational institution’s annual economic impact has topped $6.5 billion.
The university’s economic impact report is now in its fifth year and comprises data from three variables: the university’s teaching, research and service missions.
Michael Adjemian, an associate professor of applied and agricultural economics who worked on the study, says the $6.5 billion figure is a conservative estimate of the university’s economic impact and that it measures only impacts that exist due to the university’s operations.
According to a news release published by UGA:
The economic benefits of the university’s teaching mission are measured by the increased earnings that UGA graduates earn. The impact of the research mission includes economic activity generated by external funding for research as well as business activity generated by startups that are based on research by UGA faculty and staff. The impact of the university’s service mission includes public and private sector efficiencies enabled by units such as the Small Business Development Center, Carl Vinson Institute of Government and UGA Cooperative Extension.
“This report demonstrates that the University of Georgia is more vital to our state’s success than ever,” said President Jere W. Morehead. “It is gratifying to put a number on UGA’s value to the state economy, even as we know that some of the additional benefits, such as civic engagement and improvements to quality of life, cannot be quantified.”
Among the key findings from the report that covers the 2018-19 academic year:
- More than 9,700 undergraduate, graduate and professional students earned UGA degrees in the 2018-2019 academic year.
- Nearly two out of every three of UGA alumni live and work in Georgia,
- Adjemian found that, on average, each dollar of state funding for instruction at UGA generates $12.50 in economic impact.
Additionally, according to the news release, the “latest data from the university’s Career Outcomes Survey shows that 96% of alumni are employed or in graduate school within six months of graduation, a figure that exceeds the national average by 12%.”