The University pumped at least $2.1 billion into the Athens-area economy in fiscal year 2007, according to a new study that measures the economic impact of the 35 institutions in the University System of Georgia.

According to a study conducted by the Selig Center for Economic Growth in the University’s Terry College of Business, the University spent nearly $572 million in salaries and $315 million in operating expenses during the time period. The University’s 33,405 students spent nearly $414 million, bringing the direct economic impact of the University to $1.3 billion. For every dollar of initial spending, an additional 59 cents is generated for the local economy through subsequent spending, bringing the University’s total impact on the Athens-area to $2.1 billion.

“There’s a huge benefit that comes from the University of Georgia being in Athens – even for people who don’t work or study here,” said Jeff Humphreys, director of economic forecasting for the Selig Center. “There are actually more jobs that owe their existence to the University off-campus than on-campus.”

He noted that the University directly employed 8,700 people in fiscal year ’07. Spending by the University and its faculty, staff and students creates an additional 10,200 jobs, bringing the total number of University- related jobs to nearly 19,000. Put another way, each on-campus job creates 1.2 jobs off-campus.

- University
News Service