University of Georgia generates all-time high $7.6B for 2022 Georgia economy, report says
The Sanford Stadium video wall scoreboard displays a graphic of National Champions at the conclusion of the Georgia Bulldogs national championship celebration on January 14, 2023 in Athens, Georgia. (Photo by Todd Kirkland/Getty Images)
ATHENS, Ga. - The University of Georgia proved to be a continuous moneymaker for the state of Georgia after a new study revealed the institution had a record-high economic impact of $7.6 billion in 2022.
The study, led by UGA agricultural and applied economics professor Michael Adjemian, cited teaching, research and public service as the three main economic drivers. However, he said growth in the number of degrees conferred at the undergraduate and graduate levels also played a hand in what appeared to be a $200 million increase since last year.
The study found that two out of every three UGA graduates continue to live in Georgia. Their increased earnings bring revenue to the tax bases of their communities. The study also found that both out-of-state and international student-spending throughout the 2021-2022 academic year contributed to the rapid growth.
"As this latest study highlights, the University of Georgia delivers a tremendous return on public investment, and our value to our home state continues to grow," said President Jere W. Morehead. "I am proud of the work our university is doing to create opportunities across Georgia and strengthen our state’s economy."
That $7.6 billion figure does not take into consideration the university's operational expenses, which a spokesperson for the university said amounts up to $3.3 billion. Combined, that becomes an estimated $10.9 billion contribution from the university directly to the state economy. Go Dawgs!