By UGA Today
The University of Georgia contributed $8.4 billion to the state’s economy in fiscal year 2024, an increase of $300 million from the previous year and a record for the state’s flagship university.
The increased economic impact was powered by growth in the number of degrees conferred at the graduate and undergraduate levels, an increase in externally funded research and the positive effects of UGA’s public service and outreach efforts across the state.
“Throughout every corner of Georgia, the impact of our university’s teaching, research and service is helping individuals and communities thrive,” said UGA President Jere W. Morehead. “Our outstanding faculty, staff, students and alumni are proud to play a significant role in strengthening our state’s economic vitality.”
In the past year, UGA conferred more than 11,700 degrees, helped bring more than 60 new products based on its research to market and leveraged its statewide network of extension agents and public service and outreach units to support businesses, individuals and communities across Georgia.
Now in its eighth year, the economic impact study was conducted by UGA economist Michael Adjemian, a professor in the department of agricultural and applied economics in the College of Agricultural and Environmental Sciences.
The report analyzed the impact of the university’s teaching and instruction by calculating the increased earnings that degree holders can expect to receive based on their field of study. According to historical data from the UGA Alumni Association, two out of every three UGA graduates stay in Georgia, and their increased earnings contribute to the tax bases of their communities. Out-of-state and international students generate economic impact in Georgia through their spending on tuition and living expenses. Additionally, the study considered spending by prospective out-of-state students and family members who visited campus, as well as external grant funding related to teaching programs.
To determine the economic contributions of UGA’s research enterprise, the study examined federal funding and other grants that brought money into Georgia from out of state. Using an economic impact model known as IMPLAN, the study estimated that each dollar of funding from federal agencies and out-of-state foundations generated an economic impact of $2.13 as those funds were spent in Georgia on personnel and equipment. UGA’s economic impact also included that of companies whose operations are based on UGA discoveries, as well as licensing and royalty fees from the commercialization of discoveries and intellectual property produced by UGA faculty and staff.
The study noted that UGA’s public service and outreach programs provided continuing education and training to thousands of Georgians employed in the public and private sectors in FY 2024, leading to operating efficiencies and new businesses. Public service and outreach efforts of other UGA units — including schools, colleges and units such as UGA Cooperative Extension — produced an additional impact.
The report also calculated the economic impact of select UGA athletic programs. Events featuring the university’s football, men’s basketball, women’s basketball, gymnastics and baseball teams attracted 67,311 out-of-state spectators during their most recent seasons, and those visitors spent money on lodging, food, fuel and other expenses.
“As a land-grant and sea-grant institution, we have an enduring commitment to serve the people of Georgia,” said S. Jack Hu, the university’s senior vice president for academic affairs and provost. “We are thankful for the support our state provides to the University of Georgia, and we take great pride in our efforts to support people and business across Georgia.”