Albany State has $266 million economic impact on southwest Georgia

ALBANY — Albany State University continues to prove its significance as part of the economic engine in Albany and southwest Georgia, and that significance was highlighted in the University System of Georgia’s annual Economic Impact Study.

ASU’s contribution to the local economy for Fiscal Year 2023, spanning from July 1, 2022, to June 30, 2023, has once again underscored its role as a vital partner to the community. With $266 million injected into the region’s economy, ASU has achieved an increase of approximately 2.5% over the previous year, showcasing the university’s commitment to local prosperity.

The impact of Albany State University extends beyond mere numbers; it signifies an increase in employment opportunities that directly benefit the community. The Economic Impact Study reveals a sizeable growth in jobs associated with the university, rising from 2,278 to 2,517 positions. These figures encompass both on-campus and off-campus positions, reflecting the diverse ways in which ASU supports local employment and services linked to its mission.

“We are proud of the role that Albany State University has as a partner in the economy of the southwest Georgia region,” ASU interim President Lawrence Drake said in a news release. “It is vitally important to the community that we serve, that we educate students and provide enriching services, all of which provide for a stronger economy, which is good for commerce throughout this region and the state of Georgia as a whole. We look forward to continuing this positive trend and to having an even better 2024.”

The University System of Georgia Board of Regents commissions the Selig Center for Economic Growth at the University of Georgia’s Terry College of Business annually to conduct the economic impact study of the entire USG system. The study shows that the system in its entirety contributed $21.9 billion and 163,332 jobs to Georgia’s economy, 3.2% of all non-farm jobs in the state.

Additionally, the recent USG Lifetime Earnings Report highlights the financial success of ASU graduates. According to the report, the 2023 graduates who have chosen to build their careers in Georgia are projected to generate an impressive $3.8 billion in lifetime earnings. This figure underscores the significant impact of their education, with $1.1 billion directly attributable to the degrees they earned at ASU.

Specifically, a USG student who earns a bachelor’s degree can expect to earn an additional $1.3 million over the span of their career. Higher education credentials from the USG increase the work-life earnings of the median Georgia resident by $284,199 (certificate), $449,323 (associate), and $1,373,595 (bachelor’s degree). Beyond a bachelor’s degree, a master’s degree is worth $294,384 more than a bachelor’s, and a professional degree is worth $1,209,717 more.

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