Albany State University (ASU) continues to prove its significance as part of the economic engine in Albany, GA, and the surrounding Southwest region, as highlighted in the University System of Georgia's annual Economic Impact Study. This year, ASU's contributions to the local economy for the Fiscal Year 2023, spanning from July 1, 2022, to June 30, 2023, have once again underscored its role as a vital partner to the community. With an impressive $266 million injected into the regional economy, ASU has achieved a remarkable increase of approximately 2.5% over the previous year, showcasing its unwavering commitment to local prosperity. 

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

The University System of Georgia and the Board of Regents commission 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 percent 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 astounding $3.8 billion in lifetime earnings. This impressive 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 $1.3M 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.

This data not only reflects the value of the education ASU students receive but also speaks volumes about the dedication and hard work of the faculty and staff in preparing them for successful futures.