USG Report Shows Georgia Tech’s State Economic Impact Exceeds $3 billion
A close up of Tech Tower (Photo Credit: Ethan Trewhitt)
The Board of Regents of the University System of Georgia released its fiscal year 2016 state economic impact report August 22, revealing an overall impact of $16.8 billion. The Georgia Institute of Technology’s state economic impact was $3.05 billion, up from $2.87 billion in fiscal year 2015.
Conducted by the Selig Center for Economic Growth at the University of Georgia’s Terry College of Business, the report revealed Georgia Tech once again led the state in economic impact. Here are the impact statistics from the top five universities in the USG:
- Georgia Institute of Technology, $3.05 billion
- University of Georgia, $2.71 billion
- Georgia State University, $2.54 billion
- Kennesaw State University, $1.408 billion
- Augusta University, $1.403 billion
“Our University System institutions in Georgia are vital to the economies throughout our state, as calculated by the multiplier effect in the new state economic impact report,” said Georgia Tech President G.P. “Bud” Peterson. “In addition, Georgia Tech is honored to be a driving force behind such enterprises as innovation neighborhoods that attract business and industry; research collaborations with other institutions, industry, and government; the building and strengthening of Georgia’s STEM workforce; and commercializing new ideas and inventions.”
Listed as “output impact” in the study, the overall economic impact figure for the system and the individual institutions was calculated by adding the initial spending to the respending, or multiplier effect, for each institution in its host community.
Other findings for the system include an $11.3 billion in value added, $8.2 billion in income and $157,967 full- and part-time jobs. According to the study, the system generated 2.2 off-campus jobs for every job created at a USG institution.
For Georgia Tech, the value added was $2.14 billion, income generated was $1.64 billion, and a total of 24,213 full- and part-time jobs.
Georgia Tech's Technology Square is home to a growing innovation ecosystem of startup companies, innovation centers from established companies and research from Institute students, faculty and staff.