GGC pours $416 million into local economy
Georgia Gwinnett College contributed more than $416 million to its local economy during fiscal year 2015, according to an annual study of the University System of Georgia’s (USG) economic impact on the state. The annual study is conducted by the Selig Center for Economic Growth in the University of Georgia’s Terry College of Business.
“The college’s presence creates a multiplying effect as dollars are spent and re-spent in the Gwinnett area economy,” said Stas Preczewski, president. “In addition, for every job created on campus, there are more than three jobs created in the community.”
According to a May 10 news release issued by the USG, Georgia Gwinnett was second among state colleges, and surpassed most state universities in its total impact.
The college is responsible for 4,208 jobs, 2,894 of which are off-campus jobs that exist because of spending related to the institution.
To calculate the economic impact, the Selig Center for Economic Growth analyzed data collected between July 1, 2014, and June 30, 2015. The annual study is conducted on behalf of the USG Board of Regents and the study is conducted by Dr. Jeffrey M. Humphreys, director of the Selig Center.
The study does have limitations. Certain short-term expenditures that would require survey data were not included. It also did not incorporate long-term impacts on the labor force, local business and industry, and local government. For example, college education improves the skills and productivity of its graduates, and some businesses may choose to locate near colleges and universities.
“As of May 12, the college will surpass 3,600 graduates,” Preczewski said. “GGC’s affordability, access and attention to student success made a college education possible for many of them. Our alumni’s economic contributions to the community are not factored into this study. It is well-documented that a college degree tends to double one’s lifetime earning potential. We truly do transform lives, families and communities.”