Tech Powers State Economy With $4.5 Billion Impact
The Georgia Institute of Technology contributed over $4.5 billion to the state economy in fiscal year 2022 –– a 7.4% increase from the previous year and the largest impact among the 26 University System of Georgia (USG) member institutions.
With Tech leading the way, a new USG study finds that the system contributed a total of $20.1 billion to Georgia’s economy, up nearly $800 million from FY 2021.
“Georgia Tech is proud to be a public institution of the state of Georgia and to contribute to its prosperous economy,” said Georgia Tech President Ángel Cabrera. “Collectively, this report underscores the value of our state’s higher education system. We will continue to do our part to produce the talent, innovation, and economic development that drives our state forward.”
In the past fiscal year, USG accounted for 159,034 full- and part-time jobs –– the same employment impact statewide as Georgia’s top five employers combined. Tech directly supported 9,617 on-campus jobs in FY 2022 and an additional 20,666 jobs that exist due to institution-related spending.
The study, conducted by the Selig Center for Economic Growth, finds that each job created by USG generates two additional jobs in local communities.
In FY 2022, Tech received $375 million in state appropriations, providing a twelvefold return on investment to the state.
The USG study finds that graduates in the past fiscal year, including the 9,952 Tech graduates, will earn on average over $1 million more in their lifetime than they would have without their college degrees. The 71,731 total graduates are predicted to accumulate combined lifetime earnings of $183 billion.
“USG’s 26 public colleges and universities, individually and collectively, make a significant economic impact across the state, helping to put Georgians to work while spending money in local communities and helping their regional economies support Georgia’s growth,” USG Chancellor Sonny Perdue said. “At the same time, our graduates are the real winners with this million-dollar deal. We’re focused on continuing to help all our students be successful as they use their degrees to prepare themselves for their future prosperity.”