Economic Study Demonstrates Benefits for Coastal Georgia
Brunswick, GA – An analysis of the 2011 fiscal year (July 1, 2010 through June 30, 2011) conducted by the Selig Center for Economic Growth at UGA’s Terry College of Business reported the economic impact of the 35 colleges and universities in the University System of Georgia. According to the report, the state of Georgia’s economy was impacted in the amount of $13.2 billion, a 5% increase over FY 2010. The study identified the operations of the College of Coastal Georgia as having an economic output impact of $84.3 million during its second year as a four-year institution, up 20% over the previous year. During the same period, the study states that Coastal Georgia brought an addition $9 million in capital outlay to the community, and was directly or residually responsible for more than 940 jobs in the area.
“The Selig Center’s study uses general employment and budget data and a simple multiplier approach to calculate economic impact. While the data point to the College’s increasingly important role as an economic engine for our region, this particular analysis does not take into account the significant investment in construction, renovation and futures planning that we have made over the past four years,” College President Valerie A. Hepburn noted. “Further, the residual and long-term impacts of a growing residential campus and the community reinvestment have yet to be quantified. In short, these numbers are impressive but they only scratch the surface.”
According to the study, Georgia’s public university system generated nearly 132,000 jobs – one job out of every 29 in the state. The report also asserts that for each job created on campus, two off-campus jobs exist because of college or university spending.
Dr. Skip Mounts, Professor of Economics and Dean of the School of Business and Public Affairs, said, “This report reaffirms the importance of the College of Coastal Georgia to the local community. Over 940 jobs are indirectly spun-off from the economic presence of the College. This is significant given the current stagnate state of the local, regional and national economies. In addition, this report does not measure the personal impact of the expanding base of human capital resources developed by the students enrolled in our growing number of degree programs.”
Continued expansion of the intercollegiate athletic department, arts and cultural programming, the completion of the new Correll Center for Teacher Education and Learning, and additional on-campus housing will add to the local economic impact of the College. As the College continues to expand its student body, so too will its employment impact expand.
“Economic life is rarely simple, but in this case it is: families, communities, regions, states, and countries that invest in education will thrive; those that do not will lag behind. The contribution that Georgia’s colleges and universities make in helping people acquire skills and enhance their ability to learn far exceeds the direct economic impact of university system employment,” Dr. Don Mathews, Professor of Economics and Director of the Coastal Georgia Center for Economic Analysis and Student Research, concluded.
|Release Date: 7/10/2012|
Source: College of Coastal Georgia