This week the University System of Georgia (USG) announced a significant increase in its economic contribution to the state, injecting $23.1 billion into Georgia’s economy during Fiscal Year 2024. This represents a 5.4% jump from the previous year, underscoring the system’s vital role in the state’s prosperity.

Simultaneously, two new studies reveal that recent graduates from USG institutions are positioned for substantial lifetime earning boosts, with bachelor’s degree holders from the Class of 2024 expected to earn, on average, over $1.4 million more throughout their careers than individuals without a college degree.

“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.”

The $23.1 billion total economic impact for FY 2024, an increase from $21.9 billion in FY 2023, is comprised of $15.2 billion in initial spending by students and by USG’s institutions on personnel and operating expenses. The remaining $7.9 billion is the multiplier impact, reflecting how these funds circulate and generate further economic activity within local communities.

The study also found that USG directly and indirectly generated 168,635 full- and part-time jobs across Georgia. Approximately 32% of these positions are on-campus, with the remaining 68% being off-campus jobs created through the system’s economic ripple effect. For every job a USG institution creates on its campus, two additional jobs are created in the local community. The data further indicated that USG and its institutions create an employment impact comparable to Georgia’s top five employers combined.

A companion study focused on the long-term financial benefits for graduates, illustrating how higher education credentials significantly enhance earning potential over a lifetime:

  • Certificate: +$292,582
  • Associate degree: +$462,576
  • Bachelor’s degree: +$1,414,108
  • Master’s degree: +$1,717,175
  • Professional degree: +$2,659,505
  • Ph.D.: +$2,499,996

Based on work-life earnings estimates for Georgia, the analysis projects that the 73,006 USG graduates from the Class of 2024 can expect combined total lifetime earnings of $230 billion. This figure is $73 billion more than they would collectively earn had they not completed college or graduate school. High school graduates who obtain a bachelor’s degree from a USG institution are expected to boost their work-life earnings in Georgia by 82%, exceeding the national estimated increase of 80%.

Both studies were conducted on behalf of USG by Jeffrey M. Humphreys, Ph.D., director of the Selig Center for Economic Growth in the University of Georgia’s Terry College of Business. While the average increase in lifetime earnings fluctuates annually based on the mix of degrees awarded, factoring in all less-than-four-year degrees for the Class of 2024 still results in an average extra earning of over $1 million per graduate.

The full reports:

PDF: USG Economic Impact 2024
PDF: USG Lifetime Earnings 2024