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 new 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 the system’s 26 institutions on personnel and operating expenses. The remaining $7.9 billion reflected the multiplier effect as these funds circulated within local communities.
USG was responsible for generating 168,635 full- and part-time jobs across Georgia during this period. Approximately one-third of these jobs were located on campuses, while about two-thirds were off-campus positions supported by institutional spending. The data also indicated that each job created on campus led to two additional jobs in the surrounding community. This employment impact is comparable to that produced by Georgia’s top five employers combined.
A companion study found that members of USG’s Class of 2024 who earned bachelor’s degrees are projected to make over $1.4 million more during their lifetimes than they would without a college degree. The analysis demonstrated that higher levels of education correspond with greater lifetime earnings: certificates added nearly $293,000; associate degrees over $462,000; bachelor’s degrees more than $1.4 million; master’s degrees almost $1.72 million; professional degrees nearly $2.66 million; and Ph.D.s close to $2.5 million in additional earnings.
For the Class of 2024’s 73,006 graduates, combined lifetime earnings are expected to reach $230 billion—$73 billion more than if they had not completed their postsecondary education.
The studies also noted that high school graduates in Georgia who go on to earn bachelor’s degrees will see an 82% increase in work-life earnings compared to those with only a high school diploma—a figure above the national average increase of 80%.
Both reports were prepared for USG by Jeffrey M. Humphreys, Ph.D., director of the Selig Center for Economic Growth at the University of Georgia’s Terry College of Business.
Average increases in lifetime earnings vary depending on the mix of degree types awarded each year but remain significant even when accounting for less-than-four-year credentials.
