The economic impact of University System of Georgia institutions on their regional economies in fiscal year 2010: a needs assessment study

The Economic Impact of University System of Georgia Institutions
on their Regional Economies in FY 2010
April 2011
A Needs Assessment Study Commissioned by
Georgia's Intellectual Capital Partnership Program (ICAPP)
Dr. Jeffrey M. Humphreys, Director Selig Center for Economic Growth
Terry College of Business The University of Georgia
1

The Economic Impact of University System of Georgia Institutions on their Regional Economies in FY 2010
Executive Summary The statewide economic impact of the University System of Georgia's 35 institutions in fiscal year 2010 includes: n $12.6 billion in output (sales); n $9.0 billion in gross regional product; n $6.1 billion in income; and n 130,738 full- and part-time jobs (3.4 percent of all jobs in Georgia). These benefits permeate both the private and public sectors of the host communities. For example, for each job created on campus there are 1.9 off-campus jobs that exist because of spending related to the college or university. These economic impacts demonstrate that continued emphasis on colleges and universities as a pillar of the state's economy translates into jobs, higher incomes, and greater production of goods and services. In addition to the system-wide impact summarized here, the following chapters quantify the economic benefits that each institution conveys to the community in which it is located. Each institution's benefits are estimated for several categories of college/university-related expenditures: spending by the institutions themselves for salaries and fringe benefits, operating supplies and expenses, and other budgeted expenditures; spending by the students who attend the institutions; and spending by the institutions for capital projects.
2

Introduction
How much does a region benefit economically from hosting an institution of higher education? Traditionally, the benefits are discussed in broad, qualitative terms that often fail to satisfy those who demand tangible evidence of the economic linkages between the academic community and the community as a whole; however, this report quantifies the economic benefits that the University System of Georgia's institutions convey to the communities in which they are located.
The benefits are estimated for three important categories of college/university-related expenditures: spending by the institutions themselves for salaries and fringe benefits, operating supplies and expenses, and other budgeted expenditures; spending by the students who attend the institutions; and spending by the institutions for capital projects (construction). The economic impact estimates are based on regional input-output models of each institution's regional economy, certain necessary assumptions, and available data on annual spending in the specified categories. Moreover, the emphasis is on funds received by residents in the region that hosts each college or university. The study reports expenditures and impacts for the 2010 fiscal year--July 1, 2009 through June 30, 2010.
The study does not account for all of the short-term impacts of the 35 institutions on their host communities, however. For example, there are no dollar amounts estimated for several sources of college/university-related spending because doing so would require collecting survey data, a task beyond the resources available to this study. In addition, the study neither quantifies the many long-term benefits that an institution of higher education imparts to the host community's economic development nor does it measure intangible benefits (such as cultural opportunities, intellectual stimulation, and volunteer work) to local residents. Finally, the study is not a net benefit analysis; it estimates only economic benefits and does not calculate what the presence of a tax-exempt college/university costs the community.
Economic Impact Highlights
In the simplest terms, the total economic impact of all 35 institutions on their host communities was $12.6 billion in FY 2010. The output impact of each institution is the change in regional output that is due to spending by the institution and spending by the students who attend that particular college or university. Of the FY 2010 total, $9.1 billion (72 percent) is initial spending by the institutions and students; $3.5 billion (28 percent) is the induced or re-spending (multiplier) impact. Dividing the FY 2010 total output impact ($12.6 billion) by initial spending ($9.0 billion) yields an average multiplier value of 1.38. On average, therefore, every dollar of initial spending generates an additional 38 cents for the economy of the region that hosts the institution.
In FY 2010, value added comprises $9 billion (71 percent) of the $12.6 billion output impact, with domestic and foreign trade comprising the remaining $3.6 billion (29 percent). The $9 billion value-added impact equals 2.2 percent of Georgia's state GDP. Labor income received by residents of the communities that host one or more institutions equals $6.1 billion, and represents 69 percent of the value-added impact.
The collective or rolled-up employment impact of all 35 institutions on their host communities in FY 2010, including multiplier effects, is 130,738 full- and part-time jobs. Approximately 34 percent of these positions are on campus (University System employees) and 66 percent are off-campus positions in either the private or public sectors. On average, for each job created on campus there are 1.9 off-campus jobs that exist because of spending related to the institution. The 130,738 jobs generated by the University System account for 3.4 percent of all the jobs in Georgia in 2010, or about one job in thirty.
3

n Short-Term Economic Impact Of a College or University n

Methodology

The total annual economic impact of college- or university-related spending is defined to consist of the net changes in regional output, value added, labor income, and employment that are due to initial spending by the institution (for operations as well as personnel services) and its students. The total economic impact includes the impact of the initial round of spending and the secondary, or indirect and induced spending--referred to as the multiplier effect--that occurs when the initial expenditures are re-spent. Figure 1 provides a schematic representation of impact relationships.
Indirect spending refers to the changes in inter-industry purchases as a region's industries respond to the additional demands triggered by spending by the college or university, its faculty and staff, and its students. It consists of the ripples of activity that are created when an institution and its employees and students purchase goods or services from other industries located in the host community. Induced spending is similar to indirect spending except that it refers to the additional demand triggered by spending by the region's households as their income increases due to changes in production. Basically, the induced impact captures the ripples of activity that are created when households spend more due to increases in their earnings that were generated by the direct and indirect spending.
The sum of the direct, indirect, and induced economic impacts is the total economic impact, which is expressed in terms of output (sales, plus or minus inventory), value added (gross regional product), labor income, or employment. Total industry output is gross receipts or sales, plus or minus inventory, or the value of production by industry (including households) for a given period of time. Total output impacts are the most inclusive, largest measures of economic impact. Because of their size, output impacts typically are emphasized in economic impact studies and receive much media attention. One problem with output as a measure of economic impact, however, is that it includes the value of inputs produced by other industries, which means that there inevitably is some double counting of economic activity. The other measures of economic activity (value added, labor income, and employment) are free from double counting and provide a much more realistic measure of the true economic impact of a college or university on its regional economy.
The regional economic areas are the host communities, including the surrounding counties from which employees and students commute. The effects of expenditures that go to people, businesses, or governments located outside the regions are not included in the value-added, labor income, and employment impact estimates.
The multiplier concept is common to most economic impact studies. Multipliers measure the response of the local economy to a change in demand or production. In essence, multipliers capture the impact of the initial round of spending plus the impacts generated by successive rounds of re-spending of those initial dollars. The magnitude of a particular multiplier depends upon what proportion of each spent dollar leaves the region during each round of spending. Multipliers therefore are unique to the region and to the industry that receives the initial round of spending.
Figure 2 illustrates the successive rounds of spending that might occur if a person buys an item locally. Assume that the amount spent is $100 and that the appropriate regional output multiplier is 2.0. The initial injection of spending to the region is $100, which creates a direct economic impact of $100 to the regional economy. Of that $100, only $50 is re-spent locally; the rest flows out of the region through non-local taxes, non-local purchases, and income transfers. After the first round of spending, the total economic impact to the region is $150. During the second round of re-spending, $25 is re-spent locally and $25 leaks out of the region, a 50 percent leakage. Now the total economic impact to the region is $175. After seven rounds of re-spending, less than $1 remains in the local economy, but the total economic impact has reached almost $200. The induced (multiplier effect) impact to the region ($100) equals the total impact ($200) minus the direct impact ($100).
The multiplier traces the flows of re-spending that occur throughout the region until the initial dollars have completely leaked to other regions. Obviously, multiplier effects within large, self-sufficient areas are likely to be larger than those in small, rural, or specialized areas that are less able to capture spending for necessary goods and services. Multiplier effects also vary greatly from industry to industry, but in general, the greater the interaction with the local economy, the larger the multiplier for that industry. For example, personal services, business services, and

4

entertainment industries have intricate relationships with local supporting industries, and therefore have relatively high multiplier values. Conversely, electric, gas, and sanitary services usually are less intertwined with local supporting industries, and their multipliers are lower.
n Analytic Approach n
Estimating the economic impact of the University System of Georgia institutions on their regional economies in FY 2010 involved four basic steps. First, initial spending (and employment) for each institution were obtained for Budget Unit "A" and "Budget Unit "B"; and then the institutional expenditures were allocated to industrial sectors recognized by the economic impact modeling system. Second, spending by students was estimated and then allocated to industrial sectors. Third, expenditures associated with capital projects (construction) funded were obtained for each institution and were allocated to the appropriate industrial sectors. Finally, the IMPLAN Version 3.0 modeling system was used to build regional economic models that are specific to each institution. Please note that the prior editions of this study relied on the IMPLAN Version 2.0 modeling system.
The geographic areas corresponding to the regional models that were built for each institution, which include the labor force directly involved in their economic spheres, are reported in Appendix 1. These geographic areas are based on an analysis of commuting patterns data obtained from Census 2000 (Residence County to Workplace County Flows for Georgia, U.S. Census Bureau, Internet Release Date: March 6, 2003).
For analytical purposes, all dollar amounts were converted to inflation-adjusted dollars, but the amounts expressed in this report are in 2010 dollars. Type SAM (social accounting matrices) multipliers from the IMPLAN modeling system were used to estimate the economic impacts associated with all categories of spending. Type SAM multipliers capture the original expenditures resulting from the impact, the indirect effects of industries buying from industries, and the induced effects of households' expenditures based on information in the social account matrix. The multipliers account for Social Security and income tax leakage, institutional savings, commuting, inter-institutional transfers, and people-to-people transfers.
Whenever appropriate, the IMPLAN software applied margins to convert purchaser prices to producer prices. In input-output models, all expenditures are in terms of producer prices, which allow all spending to be allocated to the industries that actually produce the good or service. The margins are derived form U.S. Bureau of Economic Analysis data. Moreover, margins were selected according to type of consumer to which these applied. For example, households pay transportation, wholesale, and the full retail margins. In contrast, institutions of higher education may pay little or no retail margin as they have typically more buying power than a household. In addition, some sectors of the model do not have margins. For instance, because there usually are no wholesalers or retailers involved when someone rents a room, hotels and other lodging do not have margins.
The model's default estimates of the local economy's regional purchase coefficients were used to derive the ratio of locally purchased to imported goods. The regional purchase coefficient represents the proportion of the total demands for a given commodity that is supplied by the region to itself. The regional purchase coefficients were estimated with an econometric equation that predicts local purchases based on each region's unique characteristics. In addition, the entire analysis was conducted using the full range of industrial sectors in order to avoid aggregation bias.
n Initial Spending by the Institutions n
Institution-specific data on expenditures for personnel services and number of positions were obtained from the Board of Regents for FY 2010. The expenditure amounts were treated as an industry change and are reported in the first column of Tables 1 and 2, respectively. These amounts were allocated to various economic sectors recognized by the IMPLAN software based on the typical expenditure pattern for households of moderate income.
Institution-specific data on expenditures for operating expenses (non-personnel services) for FY 2010 were obtained from the Board of Regents. These amounts were treated as an industry change and are reported in the first column of Tables 1 and 2, respectively.
To avoid double-counting, the estimates of initial spending do not include expenditures arising from two budgetary classes: auxiliary enterprise funds (self-supporting activities for housing, food service, bookstore, athletics, and other) and student activity funds (cultural and recreational programs operated by students). The spending associated with such
5

activities is included in the student's personal expenditures, however. Expenditures for the Medical College of Georgia do not account for spending by the hospital and clinics operating
by MCG Health, Inc., which became a not-for-profit corporation in July 2000. Note that on September 15, 2010, the Medical Collece of Georgia's name was changed to Georgia Health Sciences University, and will be listed as such in future editions of this study.
Since a detailed analysis of spending patterns at each institution was not practical, budgeted expenditures for operating expenses were allocated to various economic sectors based on a typical expenditure pattern estimated for U.S. colleges that was developed by the IMPLAN modelers.
Institution-specific data on capital projects (construction) also were obtained from the Board of Regents. The expenditures were allocated to the fiscal year of reported funding, regardless of whether or not all of the funds were actually spent during fiscal year 2010. Therefore, the amounts for capital expenditures and their impacts are not included in the economic impacts expressed in Tables 1-3, but they are reported in Appendix 2.
It should be noted that previous editions of this study did not include the impacts of public/private ventures. The FY 2010 capital project impacts therefore are not directly comparable to those for FY 2004 or earlier fiscal years.
n Students' Personal Expenditures n
College students spend significant amounts of money in the local economy as a part of their living expenses, so the dollar value of this spending was estimated. Since a detailed survey of students' spending habits at each institution was not practical, typical expenditure levels per student per semester were estimated based on data obtained from several sources: (1) annual Consumer Expenditure Surveys conducted by the U.S. Bureau of Labor Statistics (BLS); (2) a special BLS study that appeared in the July 2001 issue of the Monthly Labor Review that examined the expenditures of college-age students and non-students; and (3) a sample of recent estimated costs of attendance prepared by individual institutions. Although the estimated costs of attendance prepared by individual institutions were not detailed enough to be used in the IMPLAN modeling system, they did provide information for a profile of average expenditures for some of the items typically purchased by students.
Although the Consumer Expenditure Surveys cover households consisting of one person at various income levels, no recent data are available specifically for college students; therefore, to adapt the data for this study, spending estimates for several categories of goods or services were increased, decreased, or eliminated. For example, compared to a weighted average of lower-income households, students' expenditures for books and for eating out were increased substantially, while students' expenditures for groceries, cash contributions, insurance and pensions, and health care were reduced. Because spending for vacation and travel do not take place locally, these expenditures were eliminated entirely. In addition, expenditures for tuition were eliminated because of possible double counting. Institutions receive payments from students for tuition, which in turn support the institutions' expenditures, which has already been estimated. After adjustment, the average expenditure per student by semester was estimated at $3,816 for Summer 2009, $6,360 for Fall 2009, and at $6,360 for Spring 2010.
The final step in estimating students' personal expenditures was to multiply the number of semesters of student spending by the average spending per semester. For FY 2010, these amounts are reported in the first column of Tables 1 and 2. The number of semesters of students' spending equals each institution's FTE enrollment as reported in the Semester Enrollment Report issued by the Board of Regents.
Results
This section describes the economic benefits that the University System of Georgia's 35 institutions conveyed to their host communities in FY 2010. The estimates represent the economic impact of spending by an institution, its faculty and staff, and its students. Based on the methodology and available data described earlier, the IMPLAN modeling system was used to calculate four indicators of impact--total output, total value-added, total income, and total employment--for each category of initial spending. All dollar amounts are reported in 2010 dollars.
6

Total Initial Spending
For each institution, total initial spending accruing to the institution's regional economy is the combination of three types of spending--spending by the institution for personnel services, spending by the institution for operating expenses, and spending by that institution's students. Estimates of initial spending for FY 2010 are reported in the first column of Tables 1 and 2. Spending by the institutions for capital projects is reported in Appendix 2.
For FY 2010, total initial spending for all 35 institutions was $9.1 billion. Spending originating from personnel services accounted for 35 percent ($3.1 billion) of initial spending, spending due to operating expenses accounted for 25 percent ($2.3 billion) of initial spending, and students' personal expenditures accounted for 40 percent ($3.7 billion) of initial spending.
Total Output Impact
The output impact was calculated for each category of initial spending, based on the impact of the first round of spending and the impacts generated by the re-spending of these amounts--the multiplier effect. Total output impacts are the most inclusive, largest measures of economic impact. Conceptualized as the equivalent of business revenue, sales, or gross receipts, total output is the value of productions by all industries, including households. Output impacts for FY 2010 are reported in the second column of Tables 1 and 2.
Measured in the simplest and broadest possible terms, the total economic impact of the 35 institutions of the University System of Georgia was $12.6 billion in FY 2010 (Table 1). This amount represents the combined impact of all 35 institutions on their host communities. Of the FY 2010 output impact, $9.1 billion (72 percent) was initial spending by the institutions and students, while $3.5 billion (28 percent) was the induced/re-spending impact or multiplier effect (i.e., the difference between output impact and initial spending). The multiplier captures the regional economic repercussions of the flows of re-spending that take place throughout the region until the initial spending has completely leaked to other regions. The average multiplier value for all institutions in FY 2010 was 1.38, obtained by dividing the total output impact ($12.6 billion) by initial spending ($9.1 billion). On average, therefore, every dollar of initial spending generated an additional 38 cents for the economy of the region hosting the institution. Thus, for all institutions, the output impact was 1.38 times greater than their initial spending.
It is no surprise that estimates for the various institutions show differing outcomes, given the differences in budgets, staffing, enrollment, and regional economies. Institutions located in the largest metropolitan areas (e.g., Atlanta)--where multipliers are the highest, or institutions have the largest budgets, staffs, and enrollments--had the largest economic impacts. Thus, for the most part, institutions with large initial spending will rank highly on the various indicators of economic impact, including value-added, labor income, and employment impact described in the following subsections.
Total Value-Added Impact
Because value-added impacts exclude expenditures related to foreign and domestic trade, they provide a much more accurate measure of the actual economic benefits flowing to businesses and households in a region than the more inclusive output impacts. The value-added impacts for FY 2010 are reported in the third column of Tables 1 and 2.
The 35 institutions collectively generated a value-added impact of $9 billion in FY 2010. For all institutions combined, the value-added impact equaled 71 percent of the $12.6 billion output impact (with domestic and foreign trade comprising the remaining 29 percent of the output impact). The $9 billion value-added impact reported for FY 2010 equals 2.2 percent of Georgia's gross domestic product.
Labor Income Impact
Collectively, the 35 University System institutions generated a labor income impact of $6.1 billion in FY 2010. The labor income received by residents of the communities that host University System institutions represents 69 percent of the value-added impact. Labor income for each institution is reported in the fourth column of Table 2.
7

Employment Impact
The economic impact of hosting an institution of the University System of Georgia probably is most easily understood in terms of its effects on employment. Collectively, the 35 institutions generated an employment impact of 130,738 jobs in FY 2010. Approximately 34 percent of these positions are on-campus jobs at one of the institutions of the University System of Georgia, and 66 percent are off-campus positions in either the private or public sectors. On average, for each job created on campus there are 1.9 off-campus jobs that exist because of spending related to the University System of Georgia.
The employment impact associated with the University System accounts for 3.4 percent of all the jobs held by Georgians, or about one job in 30. For all institutions combined, 14 jobs were generated for each million dollars of initial spending in FY 2010.
Employment impacts in FY 2010 for the individual institutions are reported in the fifth column of Table 2. Table 3 shows a break out (by institution) of on- and off-campus jobs that exist due to institution-related spending.
Limitations and Topics for Future Research
Because the goal of this study was to estimate the economic impact of all 35 institutions, certain necessary assumptions were designed to work well for the average institution, but may lead to an over- or under-estimate of the economic contribution that a specific institution makes to its host community. For example, detailed surveys of actual spending by students at various institutions could help to refine estimates of initial spending by students.
Due to both resource limitations and data limitations, several important types of short-term college or universityrelated expenditures were not estimated. For instance, studies could be conducted to measure spending by visitors to the institutions and spending by retirees who still live in the host communities. Also, it would be worthwhile to investigate expenditures supported by the non-institutional income of the each institution's employees. Such income may come from an employee's consulting, investments, and other personal business activities. Moreover, other members of an employee's household often supplement their total household income. Employees' household incomes also can be supplemented via inheritances or gifts. At least a portion of income derived from these sources would not come to the community that hosts the institution if that person's job at the college/university did not exist.
Since this study intentionally focused only on the short-term impacts of several types of college- or universityrelated spending, there was no attempt to evaluate the long-term impacts of the University System's institutions on the economic development of the host communities and the state. After all, colleges and universities not only spend money year by year, but also have long-term impacts on the labor force, local business and industry, and local government.
A college or university improves the skills of its graduates, thereby increasing their productivity and their lifetime earnings. Local businesses benefit from easy access to a large pool of part-time and full-time workers. Moreover, companies and agencies that depend on highly specialized skills often cluster around universities. This may be particularly true of high-tech and information-based companies, which despite the recent recession and sub-par recovery, are still expected to account for a disproportionately high share of future economic growth.
Finally, the outreach and service units of the college or university provide valuable services to local businesses and households. Cultural and educational programs and facilities often are available to the general public and provide intangible benefits to the host community by improving residents' quality of life.
8

Summary The fundamental finding of this study is that each of the University System of Georgia's 35 institutions creates substantial economic impacts in terms of output, value added, labor income, and employment. The combined economic impact of the University System's 35 institutions on their host communities in FY 2010 includes: n $12.6 billion in output (sales); n $9 billion in valued added (gross regional product); n $6.1 billion in labor income; and n 130,738 full- and part-time jobs. These economic impacts demonstrate that continued emphasis on higher education as an enduring pillar of the regional economy translates into jobs, higher incomes, and greater production of goods and services for local households and businesses.
9

Figure 1 Schematic Representation
of Impact Relationships
Direct Expenditures
+
Indirect and Induced Impacts (Multiplier Effects)

=

^



Total Direct Economic Impact

10

Figure 2
How Multipliers Capture the Impact of Re-spending Initial Impacts
If the Output Multiplier Equals 2.0

$100

$50 -Leakage

$25 -Leakage $50
$25 $12.50 -Leakage $12.50

$6.25

Initial 1st

2nd

3rd

4th

5th

6th

7th

Impact

Initial Direct or Indirect Impact: $100 First Round of Re-spending: $50 re-spent locally,
Second Round of Re-spending: $25 re-spent locally, Third Round of Re-spending: $12.50 re-spent locally;
Fourth Round of Re-spending: $6.25 re-spent locally; Fifth Round of Re-spending: $3.12 re-spent locally; Sixth Round of Re-spending: $1.56 re-spent locally;
Seventh Round of Re-spending: $.78 re-spent locally; ____

$50 leakage* $25 leakage $12.50 leakage $6.25 leakage $3.12 leakage $1.56 leakage $.78 leakage ____

Total Economic Impact: $200 Total Leakage: $100

*Leakage indicates amounts spent outside area and not re-circulated locally.

11

Table 1
Total Economic Impact of all 35 Institutions of the University System of Georgia on their Regional Economies in the 2010 Fiscal Year

Total for All Institutions
in 2010
System Total Personal Services Operating Expenses Student Spending

Initial Spending (current dollars)
9,073,070,673 3,145,641,323 2,269,285,822 3,658,143,528

Output Impact (current dollars)
12,553,484,340 5,315,938,989 2,308,655,505 4,928,889,846

Value Added Impact
(current dollars)
8,951,179,560 4,482,005,026 1,386,133,453 3,083,032,082

Labor Income Impact
(current dollars)
6,143,543,410 3,872,563,962
642,094,388 1,628,885,060

Employment Impact (jobs)
130,738 63,049 15,113 52,577

Notes:
The impacts of spending on Output, Value Added, Labor Income, and Employment were estimated using the IMPLAN Professional System and production functions provided by MIG, Inc.
Initial spending for personal services and operating expenses were obtained from the Board of Regents of the University System of Georgia. The author estimated initial spending by students.
Output refers to the value of total production, including domestic and foreign trade. Value added includes employee compensation, proprietary income, other property income, and indirect business taxes. Labor income includes both the total payroll costs (including fringe benefits) of workers who are paid by employers and payments received by self-employed individuals. Employment includes both full-time and part-time jobs.
Expenditures and impacts for both the Medical College of Georgia and the University of Georgia are not comparable to previously published estimates. See the text for details.
Source: Selig Center for Economic Growth, Terry College of Business, University of Georgia (www.selig.uga.edu) April 8, 2011.

12

Table 2
Total Economic Impact of University System of Georgia Institutions on their Regional Economies in the 2010 Fiscal Year

Institution

Initial Spending (current dollars)

Output Impact (current dollars)

Value-Added Impact
(current dollars)

Labor Income Impact
(current dollars)

Employment Impact (jobs)

Research Universities and Regional Universities

Georgia Institute of Technology Personal Services Operating Expenses Student Spending

1,329,679,824 649,789,408 421,019,336 258,871,080

2,152,999,013 1,184,269,039
575,991,530 392,738,444

1,582,972,770 981,559,973 351,908,643 249,504,155

1,126,903,187 831,210,890 162,686,025 133,006,272

18,127 10,741
3,628 3,758

Georgia State University Personal Services Operating Expenses Student Spending

961,271,322 307,533,532 277,784,198 375,953,592

1,510,892,612 560,493,023 380,033,278 570,366,312

1,059,089,481 464,554,506 232,185,695 362,349,280

693,897,610 393,397,022 107,338,563 193,162,026

13,660 5,807 2,395 5,458

Medical College of Georgia Personal Services Operating Expenses Student Spending

650,432,834 389,265,307 218,750,143
42,417,384

832,485,147 627,765,295 152,366,960
52,352,892

650,415,195 532,317,055
86,079,025 32,019,115

528,401,687 469,864,655
41,558,048 16,978,984

9,385 7,714 1,068
603

University of Georgia Personal Services Operating Expenses Student Spending

1,445,791,393 631,975,652 366,678,485 447,137,256

2,005,335,890 1,029,679,539
366,211,900 609,444,451

1,489,900,769 881,014,824 223,706,928 385,179,017

1,066,425,149 763,040,679 100,834,340 202,550,130

20,437 11,965
2,420 6,052

Georgia Southern University Personal Services Operating Expenses Student Spending

455,726,128 127,393,744
91,056,048 237,276,336

487,055,842 187,270,521
40,617,473 259,167,849

339,532,714 162,690,240
22,187,940 154,654,534

236,475,659 146,159,430
10,875,663 79,440,567

6,925 2,820
320 3,785

Valdosta State University Personal Services Operating Expenses Student Spending

290,279,874 62,460,940 75,549,086
152,269,848

314,805,259 93,810,048 41,905,738
179,089,473

213,334,170 81,383,609 24,647,543
107,303,019

137,534,817 72,365,370 10,154,223 55,015,225

4,007 1,469
300 2,238

State Universities

Albany State University

121,664,857

137,707,545

96,001,396

Personal Services

33,699,484

53,211,981

45,275,529

Operating Expenses

31,571,253

18,387,238

10,171,848

Student Spending

56,394,120

66,108,326

40,554,019



67,382,513 40,219,085
5,424,365 21,739,063

1,757 773 148 836

(continued)

13

Table 2 (continued)
Total Economic Impact of University System of Georgia Institutions on their Regional Economies in the 2010 Fiscal Year


Institution

Initial Spending (current dollars)

Output Impact (current dollars)

Value Added Impact
(current dollars)

Labor Income Impact
(current dollars)

Employment Impact (jobs)

Armstrong Atlantic State University Personal Services Operating Expenses Student Spending
Augusta State University Personal Services Operating Expenses Student Spending
Clayton State University Personal Services Operating Expenses Student Spending
Columbus State University Personal Services Operating Expenses Student Spending
Fort Valley State University Personal Services Operating Expenses Student Spending
Georgia College & State University Personal Services Operating Expenses Student Spending
Georgia Southwestern State University
Personal Services Operating Expenses Student Spending
Kennesaw State University Personal Services Operating Expenses Student Spending

164,125,276 42,996,268 33,584,880 87,544,128
150,467,947 41,381,561 25,097,498 83,988,888
151,501,006 38,160,638 35,249,744 78,090,624
184,331,973 50,934,159 37,476,294 95,921,520
113,537,907 36,001,655 32,649,916 44,886,336
165,276,253 52,826,349 28,894,768 83,555,136
71,765,252 18,459,073 17,192,827 36,113,352
507,764,503 141,392,872
88,428,183 277,943,448

201,246,016 69,778,135 23,140,650
108,327,231
187,879,828 66,735,741 17,481,270
103,662,817
236,246,307 69,549,399 48,224,755 118,472,153
226,801,830 82,223,006 27,093,130 117,485,694
141,491,449 60,489,944 23,839,638 57,161,868
175,623,319 73,507,932 12,556,205 89,559,182
69,100,610 25,770,291
6,054,050 37,276,269
800,345,999 257,694,586 120,977,545 421,673,868

140,609,149 59,112,659 13,499,060 67,997,430
129,868,538 56,588,940 9,875,965 63,403,633
162,371,437 57,644,761 29,463,468 75,263,208
157,117,219 69,815,158 15,008,993 72,293,069
99,623,115 50,785,654 13,978,540 34,858,921
127,315,239 65,264,861 6,652,943 55,397,435
49,323,719 22,854,661
3,401,315 23,067,743
555,385,435 213,585,492
73,912,620 267,887,323

94,525,853 52,061,274
6,089,878 36,374,702
88,339,468 49,949,823
4,768,013 33,621,633
102,557,449 48,815,105 13,620,848 40,121,497
106,073,271 61,278,794 6,812,628 37,981,849
69,025,591 44,254,869
6,431,445 18,339,277
90,928,750 59,117,939 3,201,023 28,609,789

2,241 956 160
1,125
2,184 868 123
1,194
2,169 730 305
1,134
2,629 1,208
160 1,261
1,784 939 175 670
2,271 1,031
85 1,155

34,338,520

880

20,728,972

331

1,718,185

48

11,891,363

501

357,845,362 180,869,829
34,169,523 142,806,011

8,870 4,072
763 4,035

(continued)

14

Table 2 (continued)
Total Economic Impact of University System of Georgia Institutions on their Regional Economies in the 2010 Fiscal Year


Institution

Initial Spending (current dollars)

Output Impact (current dollars)

Value Added Impact
(current dollars)

Labor Income Impact
(current dollars)

Employment Impact (jobs)

North Georgia College & State University
Personal Services Operating Expenses Student Spending

126,668,123 37,515,127 21,181,132 67,971,864

157,755,094 57,620,772 15,525,785 84,608,537

111,799,490 49,818,288
9,235,968 52,745,235

76,686,390 44,238,835
4,489,228 27,958,327

1,830 734 118 979

Savannah State University Personal Services Operating Expenses Student Spending

108,216,326 28,745,901 31,672,481 47,797,944

127,619,006 46,651,380 21,822,968 59,144,658

89,374,783 39,520,792 12,730,393 37,123,598

60,408,564 34,806,468
5,743,108 19,858,989

1,392 628 150 614

Southern Polytechnic State University Personal Services Operating Expenses Student Spending

122,504,242 33,513,795 26,921,935 62,068,512

192,180,991 61,080,329 36,831,588 94,269,074

132,963,181 50,625,326 22,502,680 59,835,175

85,170,938 42,870,862 10,402,905 31,897,171

1,813 679 233 901

University of West Georgia Personal Services Operating Expenses Student Spending

261,378,879 69,087,697 52,245,254
140,045,928

409,858,222 125,915,290
71,476,125 212,466,807

283,011,220 104,362,610
43,669,160 134,979,450

180,520,263 88,377,013 20,188,085 71,955,165

3,954 1,471
450 2,033

State Colleges

Abraham Baldwin Agricultural College Personal Services Operating Expenses Student Spending

72,030,220 17,044,366 16,483,686 38,502,168

College of Coastal Georgia Personal Services Operating Expenses Student Spending

63,840,765 13,715,269 16,308,104 33,817,392

Dalton State College Personal Services Operating Expenses Student Spending

106,789,239 22,167,303 21,042,288 63,579,648

73,643,014 24,674,251
7,087,550 41,881,213
69,748,585 20,147,495
9,977,950 39,623,140
114,812,410 32,873,598 10,033,753 71,905,059

50,226,707 21,561,499
3,676,840 24,988,368
47,792,159 17,689,139
5,729,915 24,373,105
77,407,131 28,610,628
5,380,908 43,415,595

34,055,765 19,388,866
1,882,220 12,784,679

1,061 379 58 624

30,795,166

828

15,733,624

292

2,496,638

68

12,564,904

469

51,367,397 25,688,318
2,874,033 22,805,047

1,581 587 78 917
(continued)

15

Table 2 (continued)
Total Economic Impact of University System of Georgia Institutions on their Regional Economies in the 2010 Fiscal Year


Institution
Gainesville State College Personal Services Operating Expenses Student Spending
Georgia Gwinnett College Personal Services Operating Expenses Student Spending
Gordon College Personal Services Operating Expenses Student Spending
Macon State College Personal Services Operating Expenses Student Spending
Middle Georgia College Personal Services Operating Expenses Student Spending

Initial Spending (current dollars)

Output Impact (current dollars)

Value Added Impact
(current dollars)

Labor Income Impact
(current dollars)

Employment Impact (jobs)

153,014,165 29,481,082 23,766,307 99,766,776
82,628,810 26,755,396 19,331,398 36,542,016
88,408,667 16,306,203 18,539,816 53,562,648
130,278,138 28,058,391 28,504,803 73,714,944
82,704,691 18,170,934 21,507,085 43,026,672

204,967,848 47,351,350 22,993,575
134,622,923
130,649,221 48,762,859 26,447,060 55,439,302
136,344,158 29,718,751 25,364,110 81,261,297
162,338,782 46,971,043 21,131,913 94,235,827
84,319,575 27,007,907
9,396,153 47,915,515

139,295,284 40,591,289 13,946,313 84,757,683
91,795,944 40,416,213 16,158,135 35,221,596
91,753,796 24,631,849 15,496,493 51,625,454
109,309,857 39,441,334 12,208,863 57,659,660
57,206,529 23,402,872
4,806,780 28,996,877

86,441,609 35,360,749
6,401,950 44,678,910
60,471,367 34,225,515
7,469,845 18,776,007
55,543,489 20,858,901
7,163,970 27,520,618
70,655,803 34,414,835
5,744,373 30,496,595
38,960,956 21,063,763
2,654,820 15,242,373

2,253 751 153
1,350
1,348 650 168 531
1,311 373 160 778
1,789 555 150
1,084
1,058 386 68 605

Two-Year Colleges
Atlanta Metropolitan College Personal Services Operating Expenses Student Spending
Bainbridge College Personal Services Operating Expenses Student Spending
Darton College Personal Services Operating Expenses Student Spending

60,053,047 11,788,123 16,118,940 32,145,984
77,212,025 11,489,781 22,256,732 43,465,512
110,428,788 22,062,652 25,998,704 62,367,432

92,305,113 21,484,357 22,052,130 48,768,626
71,150,875 16,100,843
9,338,575 45,711,457
116,807,753 32,348,613 13,203,565 71,255,575

62,260,940 17,806,921 13,473,003 30,981,016
46,366,113 14,185,589
4,780,988 27,399,537
79,694,953 28,262,466
7,406,065 44,026,422

37,823,329 15,079,371
6,228,518 16,515,440
29,338,683 12,842,668
2,531,588 13,964,427
51,798,080 25,292,316
3,567,895 22,937,869

849 242 140 467
987 266
73 648
1,362 400 100 862
(continued)

16

Table 2 (continued)
Total Economic Impact of University System of Georgia Institutions on their Regional Economies in the 2010 Fiscal Year


Institution
East Georgia College Personal Services Operating Expenses Student Spending
Georgia Highlands College Personal Services Operating Expenses Student Spending
Georgia Perimeter College Personal Services Operating Expenses Student Spending
South Georgia College Personal Services Operating Expenses Student Spending
Waycross College Personal Services Operating Expenses Student Spending

Initial Spending (current dollars)

Output Impact (current dollars)

Value Added Impact
(current dollars)

Labor Income Impact
(current dollars)

Employment Impact (jobs)

59,647,866 8,016,554
17,909,320 33,721,992
94,106,828 18,993,155 15,581,529 59,532,144
444,214,922 94,907,538 77,398,304
271,909,080
43,415,558 9,054,972 9,958,538
24,402,048
21,913,025 4,496,442 5,576,807 11,839,776

59,376,326 11,969,054 8,745,350 38,661,922
110,773,314 29,856,038
9,732,115 71,185,161
691,379,412 172,973,053 105,887,705 412,518,654
44,706,238 13,408,669
4,209,148 27,088,421
22,731,740 6,774,859 2,517,033
13,439,849

38,329,517 10,359,438
4,707,420 23,262,659
74,628,746 25,505,092
5,468,485 43,655,169
470,129,286 143,365,586
64,693,310 262,070,390
29,775,068 11,578,458 2,097,375 16,099,235
15,189,512 5,821,715 1,283,840 8,083,957

23,657,451 9,278,282 2,294,610
12,084,559
48,045,672 22,624,387
2,545,928 22,875,357
291,018,343 121,405,763
29,907,470 139,705,110
19,961,969 10,444,082
1,140,705 8,377,182
10,167,291 5,235,610 683,738 4,247,943

770 193
65 512
1,458 506 70 882
6,822 2,208
668 3,947
631 214
33 384
314 109
20 185

Notes:
The impacts of spending on Output, Value Added, Labor Income, and Employment were estimated using the IMPLAN Professional System and production functions provided by MIG, Inc.
Initial spending for personal services and operating expenses were obtained from the Board of Regents of the University System of Georgia. The author estimated initial spending by students.
Output refers to the value of total production, including domestic and foreign trade. Value added includes employee compensation, proprietary income, other property income, and indirect business taxes. Labor income includes both the total payroll costs (including fringe benefits) of workers who are paid by employers and payments received by self-employed individuals. Employment includes both full-time and part-time jobs.
Expenditures and impacts for the Medical College do not include impacts associated with the hospital and clinics operated by MCG Health Inc. See the text for details.
Source: Selig Center for Economic Growth, Terry College of Business, University of Georgia, (www.selig.uga.edu), April 8, 2011.

17

Table 3
On-Campus and Off-Campus Jobs that Exist Due to Institution-Related Spending in the 2010 Fiscal Year







Total Employment

On-Campus

Institution

Impact

Jobs

Off-Campus Jobs That Exist Due to Institution-Related
Spending

System Total

130,738

44,882

85,856



Research Universities and

72,540

27,940

44,600

Regional Universities



Georgia Institute of Technology

18,127

6,571

11,556

Georgia State University

13,660

3,833

9,827

Medical College of Georgia

9,385

5,489

3,896

University of Georgia

20,437

8,704

11,733

Georgia Southern University

6,925

2,199

4,726

Valdosta State University

4,007

1,144

2,863



State Universities

33,775

10,810

22,965



Albany State University

1,757

580

1,177

Armstrong Atlantic State University

2,241

710

1,531

Augusta State University

2,184

631

1,553

Clayton State University

2,169

485

1,684

Columbus State University

2,629

936

1,693

Fort Valley State University

1,784

708

1,076

Georgia College & State University

2,271

823

1,448

Georgia Southwestern State University

880

259

621

Kennesaw State University

8,870

3,165

5,705

North Georgia College & State University

1,830

557

1,273

Savannah State University

1,392

464

928

Southern Polytechnic State University

1,813

464

1,349

University of West Georgia

3,954

1,028

2,926



State Colleges

11,230

3,039

8,191



Abraham Baldwin Agricultural College

1,061

302

759

College of Coastal Georgia

828

231

597

Dalton State College

1,581

484

1,097

Gainesville State College

2,253

606

1,647

Georgia Gwinnett College

1,348

478

870

Gordon College

1,311

269

1,042

Macon State College

1,789

376

1,413

Middle Georgia College

1,058

293

765



Two-Year Colleges

13,194

3,093

10,101



Atlanta Metropolitan College

894

166

683

Bainbridge College

987

219

768

Darton College

1,362

300

1,062

East Georgia College

770

153

617

Georgia Highlands College

1,458

401

1,057

Georgia Perimeter College

6,822

1,599

5,223

South Georgia College

631

169

462

Waycross College

314

86

228

Notes: Employment includes both full-time and part-time jobs. Estimates for the Medical College of Georgia do not include impacts associated with the hospital and clinics operated by MCG Health Inc.

Source: Selig Center for Economic Growth, Terry College of Business, University of Georgia (www.selig.uga.edu), April 8, 2011.

18

Appendix 1
Study Areas for Institutions
Research and Regional Universities
Georgia Institute of Technology Atlanta MSA Georgia State University Atlanta MSA Medical College of Georgia Richmond, Columbia, Burke, McDuffie, Jefferson, Lincoln, Warren, and Glascock University of Georgia Clarke, Oconee, Madison, Oglethorpe, Jackson, Barrow, Walton, and Gwinnett Georgia Southern University Bulloch, Screven, Candler, Jenkins, Evans, Tattnall, and Emanuel Valdosta State University Lowndes, Brooks, Lanier, Echols, Cook, and Berrien
State Universities
Albany State University Dougherty, Lee, Worth, Mitchell, Terrell, Colquitt, Baker, Sumter, Calhoun, and Tift Armstrong Atlantic State University Chatham, Effingham, Bryan, Liberty, and Bulloch Augusta State University Richmond, Columbia, Burke, McDuffie, Jefferson, Lincoln Warren, and Glascock Clayton State University Atlanta MSA Columbus State University Muscogee, Harris, Chattahoochee, Marion, Talbot, Stewart, Troup, Meriwether Fort Valley State University Peach, Houston, Bibb, Crawford, Macon, and Taylor Georgia College & State University Baldwin, Hancock, Putnam, Wilkinson, Jones, and Washington Georgia Southwestern State University Sumter, Schley, Macon, Lee, Crisp, Marion, Webster, and Dooly Kennesaw State University Atlanta MSA North Georgia College & State University Lumpkin, Hall, Dawson, White, Forsyth, and Union Savannah State University Chatham, Effingham, Bryan, Liberty, and Bulloch Southern Polytechnic State University Atlanta MSA University of West Georgia Atlanta MSA
State Colleges
Abraham Baldwin Agricultural College Tift, Berrien, Worth, Colquitt, Irwin, Cook, and Turner College of Coastal Georgia -- Glynn, Brantley, McIntosh, Camden, and Wayne Dalton State College Whitfield, Murray, Catoosa, Gordon, Walker, and Gilmer Gainesville State College Hall, Gwinnett, Jackson, White, Habersham, Lumpkin, Banks, and Forsyth Georgia Gwinnett College Atlanta MSA Gordon College Atlanta MSA Macon State College Bibb, Houston, Jones, Monroe, Peach, Crawford, Twiggs, Baldwin, Wilkinson, and Laurens Middle Georgia College Bleckley, Dodge, Pulaski, Twiggs, and Laurens
Two-Year Colleges
Atlanta Metropolitan College Atlanta MSA Bainbridge College Decatur, Seminole, Miller, Grady, Early, Mitchell, and Baker Darton College Dougherty, Lee, Worth, Mitchell, Terrell, Colquitt, Baker, Sumter, Calhoun, and Tift East Georgia College Emanuel, Candler, Bulloch, Johnson, Jefferson, Toombs, Treutlen, and Jenkins Georgia Highlands College Floyd, Polk, Chattooga, Bartow, and Gordon Georgia Perimeter College Atlanta MSA South Georgia College Coffee, Atkinson, Bacon, Jeff Davis, Ware, Telfair, Ben Hill, and Irwin Waycross College Ware, Pierce, Brantley, Bacon, Coffee, Clinch, and Atkinson
Note: Study areas were defined by the author based on commuting data obtained from the Residence County to Workplace County Flows for Georgia, U.S. Census Bureau, Internet release date March 6, 2003.
Source: Selig Center for Economic Growth, Terry College of Business, University of Georgia (www.selig.uga.edu), April 8, 2011.
19

Appendix 2
Economic Impact of Capital Outlays in Fiscal Year 2010


Institution

Initial Spending (current dollars)

Output Impact (current dollars)

Value Added Impact
(current dollars)

Labor Income Impact
(current dollars)

Employment Impact (jobs)

System Total

585,520,000

985,435,931

490,250,944

360,945,404

8,553



Research Universities and

125,770,000

236,393,666

126,214,217

92,505,088

1,961

Regional Universities



Georgia Institute of Technology

75,670,000

151,337,395

79,368,043

57,602,149

1,261

Georgia State University

5,700,000

10,875,652

6,688,553

4,957,307

86

Medical College of Georgia

6,000,000

10,086,044

5,966,940

4,837,285

91

University of Georgia

33,000,000

55,689,904

29,450,721

21,249,059

439

Georgia Southern University

2,600,000

4,045,170

2,206,866

1,798,241

42

Valdosta State University

2,800,000

4,359,501

2,533,094

2,061,047

42



State Universities

309,900,000

515,581,551

254,311,977

187,058,323

4,534



Albany State University

47,320,000

73,900,181

33,001,003

24,229,584

654

Armstrong Atlantic State University

1,100,000

1,884,8565

1,098,990

877,240

18

Augusta State University

0

0

0

0

0

Clayton State University

2,100,000

4,699,492

2,883,314

2,154,119

37

Columbus State University

0

0

0

0

0

Fort Valley State University

13,400,000

22,769,878

12,063,086

8,981,948

232

Georgia College & State University

42,000,000

57,943,358

26,442,259

20,523,900

619

Georgia Southwestern State University

1,100,000

1,580,543

812,360

669,236

18

Kennesaw State University

85,830,000

168,834,295

89,354,963

65,187,003

1,430

North Georgia College & State Univ.

46,830,000

74,735,973

37,266,211

27,324,635

632

Savannah State University

58,005,000

93,713,929

42,708,676

30,916,716

769

Southern Polytechnic State University

4,800,000

1,717,156

1,130,023

653,682

10

University of West Georgia

7,415,000

13,801,891

7,551,092

5,540,260

115



State Colleges

97,655,000

154,650,334

75,848,187

56,935,774

1,378



Abraham Baldwin Agricultural College

0

0

0

0

0

College of Coastal Georgia

42,255,000

61,401,608

27,420,245

20,365,997

555

Dalton State College

0

0

0

0

0

Gainesville State College

31,200,000

53,820,769

28,858,090

21,757,811

453

Georgia Gwinnett College

2,000,000

4,049,905

2,109,596

1,525,099

33

Gordon College

1,600,000

572,385

376,674

217,894

3

Macon State College

20,100,000

34,066,060

16,712,779

12,787,286

326

Middle Georgia College

500,000

739,607

370,803

281,687

8



Two-Year Colleges

52,195,000

78,810,380

3,876,563

24,446,219

680



Atlanta Metropolitan College

0

0

0

0

0

Bainbridge College

0

0

0

0

0

Darton College

24,040,000

35,657,131

14,465,514

9,914,430

278

East Georgia College

13,819,000

20,613,192

8,620,457

6,246,862

181

Georgia Highlands College

6,200,000

9,243,249

4,133,273

3,153,118

92

Georgia Perimeter College

2,200,000

4,923,278

3,020,615

2,256,696

39

South Georgia College

5,945,000

8,373,530

3,636,704

2,875,113

90

Waycross College

0

0

0

0

0

Notes: The impacts of spending on Output, Value Added, Labor Income, and Employment were estimated using the IMPLAN Professional System and production functions provided by MIG, Inc. Initial spending for capital projects were obtained from the Board of Regents of the University System of Georgia. Output refers to the value of total production, including domestic and foreign trade. Value added includes employee compensation, proprietary income, other property income, and indirect business taxes. Labor income includes both the total payroll costs (including fringe benefits) of workers who are paid by employers and payments received by self-employed individuals. Employment includes both full- and part-time jobs. Estimates for the Medical College of Georgia do not include impacts associated with the hospital and clinics operated by MCG Health Inc.
Source: Selig Center for Economic Growth, Terry College of Business, University of Georgia (www.selig.uga.edu), April 8, 2011.

20

Appendix 3 Medical College of Georgia's Albany and Savannah Clinical Campuses:
Economic Impact of FY 2010 Expenditures
The Medical College of Georgia is opening clinical campuses in Albany and Savannah, which will generate significant economic impacts for their host communities. In fiscal years 2009 and 2010, these clinical campuses were in their earliest stages of development, and no students were enrolled. Appendix 3 documents the economic impact that the Albany and Savannah clinical campuses had on their host communities in FY 2010, providing a base level of impact that can be referenced in future years as students enroll in the programs.
In FY 2010, total expenditures at the Albany clinical campus was $586,994, including $238,174 in personnel expense, $81,743 in operating expense, and $267,077 in capital outlays, according to data received from the Assistant Vice Chancellor for Fiscal Affairs/ Budget Director, Board of Regents, University System of Georgia.
The economic impact accruing to Albany in FY 2010 includes: $586,994 in initial expenditures and 3 on-campus jobs, $827,402 in output (sales), $558,059 in gross regional product (value added), $458,894 in income, and 9 jobs. In FY 2010, total expenditures at the Savannah clinical campus was $320,105, including $277,255 in personnel expense and $42,850 in operating expense. The economic impact accruing to Savannah in FY 2010 includes: $320,105 in initial expenditures and 4 on-campus jobs, $475,858 in output (sales), $395,990 in gross regional product (value added), $342,160 in income, and 6 jobs. Although the economic impacts in FY 2010 are quite small, the impacts will expand rapidly once students are enrolled at these MCG branch campuses. Note that the name of the Medical College of Georgia changed to Georgia Health Sciences University on February 1, 2011. Source: Selig Center for Economic Growth, Terry College of Business, University of Georgia, (www.selig.uga.edu), June 8, 2011.
21

Appendix 4 Medical College of Georgia/University of Georgia Medical Partnership's Athens Campus:
Economic Impact of FY 2010 Expenditures The Medical College of Georgia/University of Georgia Medical Partnership opened a new campus in Athens in FY 2011, which eventually will generate significant economic impacts for Athens' regional economy. In fiscal year 2010, the Athens campus was in its earliest stage of development and had not enrolled any students. Appendix 4 documents the economic impact that the Athens campus had on its host community in FY 2010, providing a base level of impact for future reference. In FY 2010, total expenditures at the Athens campus was $10,062,379, including $5,481,329 in personnel expense, $3,118,458 in operating expense, and $1,462,592 in capital outlays, according to data received from the Assistant Vice Chancellor for Fiscal Affairs/Budget Director, Board of Regents, University System of Georgia. The economic impact accruing to Athens in FY 2010 includes: $10,062,379 in initial expenditures and 3 on-campus jobs, $14,425,319 in output (sales), $10,901,093 in gross regional product (value added), $8,482,579 in income, and 106 jobs. In FY 2010, the economic impact of the Athens campus was modest, but its economic impact will expand substantially in FY 2011 the first class of 40 medical students began classes in the Fall Semester of FY 2011. The plans are to enroll 60 new students per year by 2020, bringing total enrollment at the Athens campus to 240 students. Note that the name of the Medical College of Georgia changed to Georgia Health Sciences University on February 1, 2011. Source: Selig Center for Economic Growth, Terry College of Business, University of Georgia, (www.selig.uga.edu), June 8, 2011.
22