SAVANNAH - Savannah State University's total impact on the local economy was approximately $128 million during the fiscal year 2007, according to a study conducted by the Selig Center for Economic Growth in the University of Georgia's Terry College of Business. The University System of Georgia's Intellectual Capital Partnership Program, an initiative of the Board of Regents' Office of Economic Development, commissioned the study.
Savannah State's economic benefits are based on three significant categories of university-related expenditures: spending by the institution for salaries and fringe benefits, operating supplies/expenses and other budgeted expenditures, and spending by students and capital projects. Savannah State's total economic impact figure of $127,957,540 includes $6,365,468 for capital outlay projects on the campus, namely the restoration of historic Hill Hall, which will re-open later this year.
Colleges and universities also have long-term impacts on the labor force, local business and industry, and local government. In addition to the economic impact, the study determined that Savannah State University generated 1,213 jobs, of which approximately 66 percent are off-campus jobs generated by university spending and consumers.
Savannah State's impact on the service area - Chatham, Effingham, Bryan, Liberty and Bulloch counties - is greater than the study reveals. For example, the study focuses only on the short-term impacts of several types of college- or university-related spending and does not evaluate the long-term impacts to the host communities. The impact is even greater considering Savannah State attracts thousands of out-of-town parents, alumni and others who visit the city for its annual homecoming, graduation ceremonies, athletic events and more. Many of these visits require overnight lodging and meals, which impact Savannah's hospitality and tourism industry.
Overall, the study indicated the economic impact of the University System's 35 public colleges and universities reached $11 billion in Fiscal Year 2007. To see the full report prepared by the Selig Center, go to www.icapp.org/pubs/usg_impact_fy2007.pdf.
Savannah State's economic benefits are based on three significant categories of university-related expenditures: spending by the institution for salaries and fringe benefits, operating supplies/expenses and other budgeted expenditures, and spending by students and capital projects. Savannah State's total economic impact figure of $127,957,540 includes $6,365,468 for capital outlay projects on the campus, namely the restoration of historic Hill Hall, which will re-open later this year.
Colleges and universities also have long-term impacts on the labor force, local business and industry, and local government. In addition to the economic impact, the study determined that Savannah State University generated 1,213 jobs, of which approximately 66 percent are off-campus jobs generated by university spending and consumers.
Savannah State's impact on the service area - Chatham, Effingham, Bryan, Liberty and Bulloch counties - is greater than the study reveals. For example, the study focuses only on the short-term impacts of several types of college- or university-related spending and does not evaluate the long-term impacts to the host communities. The impact is even greater considering Savannah State attracts thousands of out-of-town parents, alumni and others who visit the city for its annual homecoming, graduation ceremonies, athletic events and more. Many of these visits require overnight lodging and meals, which impact Savannah's hospitality and tourism industry.
Overall, the study indicated the economic impact of the University System's 35 public colleges and universities reached $11 billion in Fiscal Year 2007. To see the full report prepared by the Selig Center, go to www.icapp.org/pubs/usg_impact_fy2007.pdf.