SAVANNAH — Armstrong Atlantic State University generates more than $205.5 million for the area economy, according to a study conducted for the University System of Georgia by the Selig Center for Economic Growth in the University of Georgia’s Terry College of Business.
The survey quantifies the economic benefits that the USG’s 35 institutions convey to their respective communities. The survey determined that the USG institutions had a $12.1 billion economic impact on the state’s economy during fiscal year 2008 due to initial spending for salaries and fringe benefits, operating supplies, expenses and other budgeted expenditures, as well as student spending.
AASU’s initial spending of $67,017,386 for payroll, goods and services, coupled with student spending of $77,827,320, generated an additional $60,694,613 million of re-spending in the community for a total economic impact of $205.5 million.
The study also shows that while AASU created 586 full- and part-time jobs on campus, the institution generates an additional 1,426 jobs in the community due to university-related spending. The presence of 7,000 students on campus generated 925 jobs off-campus.
The study, however, has its limitations. “One aspect of the university’s long-term community impact the report was unable to quantify is the substantial contribution to regional economic development through educating the workforce of today and leaders of tomorrow,” said Michael Toma, professor of economics at AASU and director of the Center for Regional Analysis. “In addition, the wonderful array of cultural opportunities provided through art, music and theatre offerings and various lectures, conferences and presentations complement the region’s rich cultural heritage.”
The Selig Center report can be found at http://www.icapp.org/pubs/usg_impact_fy2008.pdf.
The survey quantifies the economic benefits that the USG’s 35 institutions convey to their respective communities. The survey determined that the USG institutions had a $12.1 billion economic impact on the state’s economy during fiscal year 2008 due to initial spending for salaries and fringe benefits, operating supplies, expenses and other budgeted expenditures, as well as student spending.
AASU’s initial spending of $67,017,386 for payroll, goods and services, coupled with student spending of $77,827,320, generated an additional $60,694,613 million of re-spending in the community for a total economic impact of $205.5 million.
The study also shows that while AASU created 586 full- and part-time jobs on campus, the institution generates an additional 1,426 jobs in the community due to university-related spending. The presence of 7,000 students on campus generated 925 jobs off-campus.
The study, however, has its limitations. “One aspect of the university’s long-term community impact the report was unable to quantify is the substantial contribution to regional economic development through educating the workforce of today and leaders of tomorrow,” said Michael Toma, professor of economics at AASU and director of the Center for Regional Analysis. “In addition, the wonderful array of cultural opportunities provided through art, music and theatre offerings and various lectures, conferences and presentations complement the region’s rich cultural heritage.”
The Selig Center report can be found at http://www.icapp.org/pubs/usg_impact_fy2008.pdf.