ABAC’s economic impact exceeds $ 390 million | Education
TIFTON – Despite the pandemic, Abraham Baldwin Agricultural College had an economic impact of $ 390,015,778 in South Georgia in fiscal year 2020.
“ABAC provides enormous social and economic benefits to the region in a number of ways,” said Dr Renata Elad, Dean of ABAC’s Stafford School of Business.
Elad analyzed ABAC figures from the Georgia University System (USG) Annual Report, which showed the USG had an economic impact of $ 18.6 billion statewide during the fiscal year. 2020.
“With strong state support and extensive planning of our campuses, USG’s economic impact on local communities in Georgia has continued despite a difficult year,” Acting Chancellor Teresa MacCartney said.
The annual study is conducted on behalf of the Board of Regents by Jeffrey M. Humphreys, Ph.D., director of the Selig Center for Economic Growth at the Terry College of Business at the University of Georgia.
ABAC’s impact study area included Tift, Worth, Cook, Colquitt, Ben Hill, Irwin, Turner, Decatur, Seminole, Miller, Grady, Early, Thomas, Mitchell and Baker counties.
Elad said that ABAC influences South Georgia’s economy in various ways through spending on personnel services, operating and capital spending, as well as spending by students and visitors, both on and off campus.
“ABAC has had a huge impact on jobs in the community,” Elad said. “This includes 473 on-campus jobs and 803 off-campus jobs for a total of 1,276 jobs in South Georgia.”
The 26 USG colleges and universities directly and indirectly generated 155,010 jobs. A total of 34 percent were on-campus positions (52,904 USG full-time equivalent employees), while 66 percent (102,106 jobs) were off-campus in the private or public sectors. This means that for every person employed in a US government institution or in the system itself, two people have jobs that support the institution’s presence in the local community.
“ABAC and other US government institutions also directly contribute to Georgians’ lifetime incomes,” Elad said. “Once again, the report proves that a university degree from ABAC pays off. “
Elad cited the Selig Center companion study led by Humphreys and Alexandra P. Hill titled “Lifetime Income for Georgia University System, Class of 2020.” The Lifetime Earnings Report showed how earnings at work and in personal life increase dramatically with each increase in degrees earned.
2020 USG graduates working in Georgia are expected to generate a combined total of $ 175 billion in lifetime income, of which $ 59 billion (34%) can be attributed to their degrees.
Specifically, higher education degrees increase the work and home income of the median Georgia resident by $ 238,455 (certificate), $ 377,000 (associate degree), and $ 1,152,500 (bachelor’s degree).
Beyond a bachelor’s degree, a master’s degree is worth an additional $ 247,000 and a professional diploma is worth an additional $ 1,015,000. A doctorate increases work and personal life income by an additional $ 638,000 compared to a master’s degree.
“A degree from a US government institution continues to add real value to the lives of our graduates and their families,” said MacCartney. “We remain focused on doing everything in our power to help more Georgians complete their university education and to ensure that our state has a well-prepared and highly skilled workforce to develop Georgia’s economy. . “