Study Shows ASU’s Economic Impact on the Region Increased by $4M
Friday, August 25th, 2017
A new study released Aug. 21 by the University System of Georgia showed the new Albany State University had a $289 million economic impact on the Albany region in 2016. The total amount includes employment, as well as direct and indirect spending.
The university’s annual economic impact increased by $4 million, compared to the 2015 combined economic impact of ASU and the former Darton State College, prior to consolidation. Much of the university’s economic impact is attributed to student spending, personnel services and operating expenses.
A breakdown of the dollars showed that the university employed 3,256 people for a total of $121 million in labor income for the region, as described by the Selig Center for Economic Growth at the University of Georgia. Student spending was valued at $140 million, with output for operating expenses at $41 million. The study reviewed data from both institutions from July 1, 2015 – June 30, 2016. Area counties included in the study were Dougherty, Lee, Worth, Mitchell, Terrell, Colquitt, Baker, Sumter, Calhoun and Tift.
“Albany State University plays a crucial role in the economic development of the Albany region and the state of Georgia,” said ASU President Art Dunning. “From the transfer of knowledge to jobs at the institution to local residents and consumers, ASU’s economic impact will continue to progress as we fervently fulfill our mission of being a world-class institution.”
The Selig study indicated that the system’s total economic impact on the state for fiscal year 2016 was $16.8 billon.