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EGSC’s economic impact over $80 million

EGSC’s economic impact over $80 million

by .(JavaScript must be enabled to view this email address) | August 28, 2017
Last Edited: September 18, 2017 by Katelyn Moore
EGSC’s economic impact over $80 million

   An annual study of the University System of Georgia’s (USG) economic impact shows that East Georgia State College (EGSC) had a $80,140,200 impact on the communities in its region during fiscal year 2016. This is an increase of over $9 million (or 13.1%) from fiscal year 2015’s economic impact of $70,849,180.
   EGSC has campuses in Swainsboro, Statesboro and Augusta, and showed a regional employment impact of 991 jobs in the same period, up from FY15’s 905. This employment impact includes on-campus positions and off-campus jobs that exist due to the institution. EGSC’s service region includes Emanuel, Candler, Bulloch, Johnson, Jefferson, Toombs, Treutlen and Jenkins Counties.
   “Since 2011, East Georgia State College’s economic impact on the region has grown from $63 million and 834 jobs to $80 million and 991 jobs,” said EGSC President Dr. Bob Boehmer. “Those dollars and jobs have a very direct and tangible impact on the lives of citizens of this great region. This economic impact grows each year because of the hard work and dedication of our faculty and staff, the support  of this remarkable community, and the leadership of our legislators. Let’s use this good economic news as motivation to find even more ways to enhance this great college/community relationship.”
   “East Georgia State College considers our position as a driving force behind the economy in our region seriously,“ added EGSC Vice President for Institutional Advancement Elizabeth Gilmer. “Our investment in the communities we serve includes job creation, workforce development and community service along with educating the future leaders of the area.  Providing opportunities for a better life for the region through our economic impact is something we are very proud to be a part of.”
   The economic benefits that the USG’s institutions convey to the communities in which they are located are estimated for several important categories of college/university-related expenditures: spending by the institutions themselves for salaries and fringe benefits, operating supplies and expenses, and other budgeted expenditures; spending by the students who attend the institutions; and spending by the institutions for capital projects (construction). The economic impact estimates are based on regional input-output models of each institution’s regional economy, certain necessary assumptions, and available data on annual spending in the specified categories. Moreover, the emphasis is on funds received by residents in the region that hosts each college or university. The study reports expenditures and impacts for the 2016 fiscal year—July 1, 2015 through June 30, 2016.
   The University of Georgia’s economic impact on the state in FY16 was $16.8 billion and encompassed 157,967 full and part time jobs. On average, every dollar of initial spending generates an additional 52 cents for the economy of the region that hosts the institution.
   “The fundamental finding of this study is that each of the USG’s institutions creates substantial economic impacts in terms of output, value added, labor income and employment,” said Dr. Jeffrey M. Humphreys, Director of the University of Georgia Selig Center for Economic Growth, which produced the economic impact study. “These economic impacts demonstrate that continued emphasis on higher education as an enduring pillar of the regional economy translates into jobs, higher incomes and greater production of goods and services for local households and businesses.”