The University System of Georgia (USG) contributed $23.1 billion to the state’s economy in fiscal year 2024, marking a 5.4% increase from the previous year, according to two recent studies.
“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,” said USG Chancellor Sonny Perdue. “Students see real returns through higher earnings and better opportunities. Meanwhile, our institutions power Georgia’s economy and help local communities thrive.”
Of the total economic impact, $15.2 billion came from initial spending by students and USG’s institutions on personnel and operations. The remaining $7.9 billion resulted from the multiplier effect as those funds circulated within local communities.
The research indicated that USG was responsible for generating 168,635 full- and part-time jobs across Georgia. About 32% of these positions were on campus, while 68% were off campus. For every job created at a USG institution, two additional jobs emerged in the surrounding community. The employment effect attributed to USG is comparable to that produced by Georgia’s five largest employers combined.
A related study reported that graduates with bachelor’s degrees from the Class of 2024 are expected to earn over $1.4 million more throughout their lifetimes compared to those without college degrees. Additional credentials also contribute significantly to lifetime earnings: certificates add an average of $292,582; associate degrees, $462,576; master’s degrees, $1,717,175; professional degrees, $2,659,505; and Ph.D.s, $2,499,996.
Collectively, the 73,006 graduates from the Class of 2024 can anticipate combined total lifetime earnings of $230 billion—$73 billion more than if they had not completed college or graduate school.
The analysis also showed that high school graduates who obtain a bachelor’s degree will increase their work-life earnings in Georgia by 82%, which surpasses the national estimate of an 80% increase.
Both studies were conducted by Jeffrey M. Humphreys, Ph.D., director of the Selig Center for Economic Growth at the University of Georgia’s Terry College of Business.
Year-to-year changes in average lifetime earnings reflect fluctuations in how many bachelor’s versus other types of degrees are awarded each year. When including less-than-four-year degrees among Class of 2024 graduates, extra average lifetime earnings remain above $1 million.
