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Univ. boosts Athens economy
News Briefs
Issue date: 6/12/08 Section: News
The University pumped at least $2.1 billion into the Athens-area economy in fiscal year 2007, according to a new study that measures the economic impact of the 35 institutions in the University System of Georgia.
According to a study conducted by the Selig Center for Economic Growth in the University's Terry College of Business, the University spent nearly $572 million in salaries and $315 million in operating expenses during the time period. The University's 33,405 students spent nearly $414 million, bringing the direct economic impact of the University to $1.3 billion. For every dollar of initial spending, an additional 59 cents is generated for the local economy through subsequent spending, bringing the University's total impact on the Athens-area to $2.1 billion.
"There's a huge benefit that comes from the University of Georgia being in Athens - even for people who don't work or study here," said Jeff Humphreys, director of economic forecasting for the Selig Center. "There are actually more jobs that owe their existence to the University off-campus than on-campus."
He noted that the University directly employed 8,700 people in fiscal year '07. Spending by the University and its faculty, staff and students creates an additional 10,200 jobs, bringing the total number of University- related jobs to nearly 19,000. Put another way, each on-campus job creates 1.2 jobs off-campus.
- University
News Service
According to a study conducted by the Selig Center for Economic Growth in the University's Terry College of Business, the University spent nearly $572 million in salaries and $315 million in operating expenses during the time period. The University's 33,405 students spent nearly $414 million, bringing the direct economic impact of the University to $1.3 billion. For every dollar of initial spending, an additional 59 cents is generated for the local economy through subsequent spending, bringing the University's total impact on the Athens-area to $2.1 billion.
"There's a huge benefit that comes from the University of Georgia being in Athens - even for people who don't work or study here," said Jeff Humphreys, director of economic forecasting for the Selig Center. "There are actually more jobs that owe their existence to the University off-campus than on-campus."
He noted that the University directly employed 8,700 people in fiscal year '07. Spending by the University and its faculty, staff and students creates an additional 10,200 jobs, bringing the total number of University- related jobs to nearly 19,000. Put another way, each on-campus job creates 1.2 jobs off-campus.
- University
News Service
Viewing Comments 1 - 3 of 3
Winfield J. Abbe
posted 6/12/08 @ 6:16 AM EST
As Mark Twain, America's greatest writer, said, "There are lies, damn lies and statistics". The best way to tell a lie is with statistics since it is virtually impossible for anyone to dispute them. (Continued…)
right
posted 6/12/08 @ 8:59 AM EST
This sounds a bit like propaganda. The U didn't "spend" money on salaries, it paid people to do the jobs necessary to keep it running. After working for the U at 31,000 per year, after all deductions were taken out for a household of two, my take home pay was around 500 a week. (Continued…)
ds
posted 6/12/08 @ 9:49 AM EST
But then the U uses a boatload of county resources for which it does not pay a dime in property taxes. The U make an economic impact alright. Just not the kind stated in the article. (Continued…)
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