Albany State University has made a significant economic impact in southwest Georgia, contributing $266 million to the region’s economy for the Fiscal Year 2023, according to the University System of Georgia’s annual Economic Impact Study. This marks a 2.5% increase from the previous year, highlighting the university’s growing role in fostering local economic development.
Employing Southwest Georgia
The Economic Impact Study indicates that ASU‘s contributions are not just financial; they also extend to employment opportunities. The number of jobs associated with the university, including both on-campus and off-campus roles, rose to 2,517 from 2,278 positions.
Dr. Lawrence Drake, President of ASU, expressed pride in the institution’s role as an economic partner in the region. “We are proud of the role that Albany State University has as a partner in the economy of the Southwest Georgia region,” he stated. “It is vitally important to the community that we serve, that we educate students and provide enriching services, all of which provide for a stronger economy, which is good for commerce throughout this region and the state of Georgia as a whole. We look forward to continuing this positive trend and to having an even better 2024.”
Fueling Georgia’s Economy
The University System of Georgia and the Board of Regents commission the Selig Center for Economic Growth at the University of Georgia’s Terry College of Business annually to perform the economic impact assessment. The latest report reveals that the entire University System contributed a remarkable $21.9 billion to Georgia’s economy, supporting 163,332 jobs—approximately 3.2% of all non-farm jobs in the state.
In addition to its direct economic contributions, ASU plays a pivotal role in enhancing the financial prospects of its graduates. The recent USG Lifetime Earnings Report projects that 2023 ASU graduates who choose to remain in Georgia will generate $3.8 billion in lifetime earnings. Of this amount, $1.1 billion can be directly linked to the degrees earned at ASU.
The report highlights the substantial long-term financial benefits associated with higher education. A USG student obtaining a bachelor’s degree is expected to earn an additional $1.3 million throughout their career. Moreover, those with advanced degrees can anticipate even greater financial gains. Master’s degree holders earn $294,384 more than their bachelor’s counterparts. Professional degree holders reap an impressive $1.2 million bonus over a lifetime.