SAVANNAH, Georgia (WSAV) – Recent reports from the University System of Georgia (USG) underscore that Georgia Southern University has a significant economic impact on both the surrounding region and the graduates it produces.

USG recorded total economic losses of $21.89 billion from July 1, 2022, to June 30, 2023, while Georgia Southern’s annual economic losses exceeded $1.145 billion in fiscal year 2023, an increase of 3.4% over the previous year and a new record for total losses, Southern said in a press release.

The study, conducted on behalf of USG by Dr. Jeffrey M. Humphreys, director of the Selig Center for Economic Growth at the University of Georgia’s Terry College of Business, found that USG created 163,332 full- and part-time jobs across Georgia during the same period, Southern said.

According to Southern’s press release, there are 3,265 jobs on Georgia Southern’s campuses in Statesboro, Savannah and Hinesville. There are 6,550 jobs off campus due to institution-related spending, meaning there will be a total of 9,815 jobs due to institution-related spending in fiscal year 2022, it said. The report also found that Georgia Southern students spent $417,549,495 in the region in fiscal year 2023.

“Georgia Southern’s region-wide record economic performance is a direct reflection of the remarkable work our dedicated faculty and staff are doing across all three campuses,” said Georgia Southern President Kyle Marrero. “We begin the fall semester with increasing enrollment and remain committed to meeting the needs of Southeast Georgia by developing talent and supporting the university’s robust public impact research initiative.”

In a companion study, Southern said, Humphreys found that USG bachelor’s graduates in the class of 2023 will earn $1.4 million more over their lifetime than if they did not have a college degree.

Based on lifetime earnings estimates for Georgia, the report showed that USG’s 72,037 graduates in the class of 2023 can expect a combined lifetime earnings of $220 billion, $70 billion more than they could earn without a college or graduate degree.

The study shows that graduates with at least a bachelor’s degree earn $1.4 million more over their lifetime and that high school graduates with a bachelor’s degree can increase their earnings by 82% during their careers in Georgia, exceeding the 80% increase estimated for the entire state, Southern said in its press release.

The average increase in lifetime earnings varies from year to year for each graduating class, depending on how many bachelor’s degrees are awarded. Including degrees that take less than four years to complete, for the class of 2023, the average amount of additional earnings is $911,459.

The full reports are available online: USG Lifetime Earnings 2022 and USG Economic Impact 2023

Georgia Southern University, a public Carnegie Doctoral/R2 institution, was founded in 1906 and offers approximately 155 different degree programs to more than 26,100 students at 10 colleges on three campuses in Statesboro, Savannah and Hinesville, as well as through online instruction.

Copyright 2024 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

For the latest news, weather, sports and video streaming, visit WSAV-TV.