Economic study finds GGC fiscal year 2010 impact $130.6 million

According to an economic impact study released by the University System of Georgia (USG) Board of Regents, Georgia Gwinnett College produced an economic impact of $130.6 million on the Gwinnett region during the 2009-2010 fiscal year. This included generating 870 jobs in the local community, in addition to 478 campus jobs.

According to an economic impact study released by the University System of Georgia (USG) Board of Regents, Georgia Gwinnett College produced an economic impact of $130.6 million on the Gwinnett region during the 2009-2010 fiscal year. This included generating 870 jobs in the local community, in addition to 478 campus jobs.

“Higher education drives a community’s economic engine,” said GGC President Daniel J. Kaufman. “Colleges and universities educate the workforce, create innovations through research, and help businesses become more competitive through collaborations. A college’s very presence contributes to the local economy through job creation and spending. In GGC’s case, construction of campus facilities alone has generated more than $300 million since the college opened in 2006.”

The Selig Center for Economic Growth in the University of Georgia’s Terry College of Business found that the USG had a $12.6 billion economic impact on the state’s economy during fiscal year 2010.  The Selig Center analyzed data collected between July 1, 2009, and June 30, 2010. The report updates similar studies conducted on behalf of the Intellectual Capital Partnership Program, an initiative of the USG Office of Economic Development.

The study included the initial spending by USG institutions on salaries and fringe benefits, operating supplies and expenses, and other budgeted expenditures.  This was combined with spending by students attending the institutions and re-spending – the multiplier effect of those dollars as they are spent again and again in the region. The study found that, on average, every dollar of initial spending by a USG institution in its host community generated an additional 38 cents for the local economy.

The eight USG institutions located in the metro Atlanta area accounted for $5.8 billion of the system’s $12.6 billion total. Georgia Institute of Technology, Georgia State University, Clayton State University, Kennesaw State University, Southern Polytechnic State University, Georgia Gwinnett College, Atlanta Metropolitan College and Georgia Perimeter College also produced 53,658 jobs.

The Selig Center’s research has its limitations – it neither quantifies the many long-term benefits that a higher-education institution and its outreach and service units impart to its host community’s economic development, nor does it measure intangible benefits, such as cultural opportunities, intellectual stimulation and volunteer work, to local residents. Spending by USG retirees who still live in the host communities and by visitors to USG institutions (such as those attending conferences or athletic events) is not measured, nor are additional sources of income for USG employees, such as consulting work, personal business activities and inheritances.

To download the Selig Center’s FY2010 report, go to http://www.usg.edu/economic_development/studies/category/usg_economic_impact_studies.

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