Study Reports that GMC Benefits State\’s Economy by $78.7 Million
Georgia Military College pumped approximately $78.7 million into the state\’s economy in fiscal year 2003, according to a recently released economic impact study.
In addition, GMC – through its main campus in Milledgeville and satellite campuses in Atlanta, Augusta, Columbus, Valdosta and Warner Robins – accounted for a total employment impact of 1,799 jobs.
The study also estimated the total economic impact of 27 of Georgia\’s independent colleges and universities at more than $5.5 billion, and the institutions accounted for nearly 82,000 Georgia jobs in 2003, exceeding the number of jobs provided by Delta Air Lines, the state\’s largest employer.
\”This report vividly illustrates the positive impact that GMC and Georgia\’s other independent colleges and universities are having on their local economies, in addition to the educational opportunities our institutions are providing to students in all corners of our state,\” said Peter J. Boylan, president of Georgia Military College and a member of the Georgia Foundation of Independent Colleges Board of Trustees. \”It is clear that huge dividends are being realized from the General Assembly\’s investment in Tuition Equalization Grant and HOPE Scholarship funding.\”
\”The total economic impact of these colleges and universities on the Georgia economy represented approximately 1.7 percent of the state\’s output,\” said Roger Tutterow, one of two Kennesaw State University economists who conducted the study on behalf of the GFIC. \”This activity supported close to one in every 47 jobs in the state.\”
Michael Curley, who collaborated with Tutterow on the report, explained that the effects of the academic institutions on their local economies flow through two channels: spending on instruction, research, public service and capital projects and the spending by students, faculty and staff in their communities.
He pointed out that unlike the most recent previous study reported in 2001, construction spending was not included in this study.
\”While one could include construction spending in the analysis, it would lead to estimates that might misrepresent the impact of an institution in a \’typical\’ year,\” Curley said.
Of the total economic impact, $3.5 billion (63 percent) is initial spending by the institution and its students, while $2 billion (37 percent) is the indirect or induced spending in the regional community.
Economic impact varied across institutions depending on their budgets and enrollments. Adjusted to 2005 dollars, the economic impact of the institutions on the Georgia economy in fiscal year 2003 would exceed $5.8 billion.
The independent colleges\’ and universities\’ total employment impact of 81,874 jobs, 25 percent of which are associated with expenditures by students in the regional communities, compares favorably with some of Georgia\’s major employers, including Delta Air Lines at 66,971 jobs, Wal-Mart at 56,141, BellSouth at 46,812 and Publix Stores at 29,071.
For more information on \”The Economic Impact of 27 of Georgia\’s Independent Colleges and Universities During Fiscal Year 2003,\” contact Dr. Roger Tutterow at (770) 423-6091 or by e-mail at email@example.com, or Dr. Michael Curley at (770) 423-6318 or by e-mail at firstname.lastname@example.org of the Econometric Center at Kennesaw State University.
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