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EGSC’s economic impact over $70 million

EGSC’s economic impact over $70 million

by .(JavaScript must be enabled to view this email address) | June 01, 2016
Last Edited: September 01, 2016 by Norma Kennedy
EGSC’s economic impact over $70 million

   An annual study of the University System of Georgia's (USG) economic impact shows that East Georgia State College (EGSC) had a $70,849,180 impact on the communities in its region during fiscal year 2015.
   EGSC, which has campuses in Swainsboro, Statesboro, and Augusta, also had a regional employment impact of 905 jobs in the same period. The employment impact includes on-campus positions and off-campus jobs that exist due to the institution.
   The study area for EGSC included Emanuel, Candler, Bulloch, Johnson, Jefferson, Toombs, Treutlen, and Jenkins counties.  The college’s reach extended to at least 18 additional counties, adding to the quality of life, cultural opportunities, and the preparation of a highly educated workforce to meet the region's needs.  
   “East Georgia State College is driven to improve the economic and social well-being of this remarkable and deserving region," said EGSC President Bob Boehmer. “This most recent economic number is impressive, but EGSC will not rest. It simply motivates us to further increase this impact.”
   “East Georgia State College operates with a mission to support key strategic goals,” said EGSC Vice President of Institutional Advancement, Elizabeth Gilmer. “In the area of Economic Development, EGSC strives to be the catalyst for growth in our service region.  This is accomplished through determining the educational needs of the region and meeting those needs through innovative programs that foster community growth and workforce development.”
   “The impact of East Georgia State College on this community cannot be overstated,” said Swainsboro Mayor Charles Schwabe. “What’s even more exciting is the expectation of what the future will bring as this school continues its amazing growth.”
   “East Georgia State College has been a cornerstone in our community for more than 42 years,” said Swainsboro-Emanuel County Chamber of Commerce and Joint Development Authority CEO Ken Warnock. “The economic impact to our local economy is recognizable by the expansion of residential rental units and on-campus housing here in Swainsboro in the last few years. We often bump into EGSC Bobcats at just about every business in Swainsboro, brining those ever-important out of town dollars into our local economy and strengthening our local businesses’ futures.
   “EGSC is a clean, revenue-generating industry that requires very few local resources but adds several million dollars to our economy each year,” he continued. “We are excited about the future of EGSC and the new and exciting programs of study like the new Bachelors of Science in Nursing degree, as well as their Bachelors of Science in Biology, Bachelor of Arts in Fire and Emergency Services Administration degree programs. These programs bring an advanced level of academic students as an addition to an already-impressive student body.”
   Economic impact is measured by estimating several important categories of college and university-related expenditures: spending by the institutions themselves for salaries and fringe benefits, operating supplies and expenses, and other budgeted expenditures; spending by 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. These numbers reflect the expenditures and impacts for the 2015 fiscal year: July 1, 2014 – June 30, 2015.
   The University System of Georgia’s economic impact on the state in FY15 was $15.5 billion and encompassed over 150,000 full and part time jobs.
   “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,” said study author Dr. Jeffrey M. Humphreys, Director  of the Selig Center for Economic Growth, Terry College of Business at the University of Georgia. “For each job created on campus, there are 2.1 off-campus jobs that exist because of spending related to the college or university.”