{"668878":{"#nid":"668878","#data":{"type":"news","title":"Tech Powers State Economy With $4.5 Billion Impact","body":[{"value":"\u003Cp\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003EThe Georgia Institute of Technology contributed over $4.5 billion to the state economy in fiscal year 2022 \u2013\u2013\u0026nbsp;a 7.4% increase from the previous year and the largest impact among the 26 University System of Georgia (USG) member institutions. \u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/p\u003E\r\n\r\n\u003Cp\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003EWith Tech leading the way, a new USG study finds that the system contributed a total of $20.1 billion to Georgia\u2019s economy, up nearly $800 million from FY 2021. \u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/p\u003E\r\n\r\n\u003Cp\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003E\u201cGeorgia Tech is proud to be a public institution of the state of Georgia and to contribute to its prosperous economy,\u201d said Georgia Tech President \u00c1ngel Cabrera. \u201cCollectively, this report underscores the value of our state\u2019s higher education system. We will continue to do our part to produce the talent, innovation, and economic development that drives our state forward.\u201d\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/p\u003E\r\n\r\n\u003Cp\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003EIn the past fiscal year, USG accounted for 159,034 full- and part-time jobs \u2013\u2013\u0026nbsp;the same \u003Cspan\u003Eemployment impact statewide as Georgia\u2019s top five employers combined.\u003C\/span\u003E\u003C\/span\u003E\u003Cspan\u003E Tech directly supported 9,617 on-campus jobs in FY 2022 and an additional 20,666 jobs that exist due to \u003C\/span\u003E\u003Cspan\u003Einstitution-related spending. \u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/p\u003E\r\n\r\n\u003Cp\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003EThe study, conducted by the Selig Center for Economic Growth, finds that each job created by USG generates two additional jobs in local communities.\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/p\u003E\r\n\r\n\u003Cp\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003EIn FY 2022, Tech received \u003C\/span\u003E\u003C\/span\u003E\u003Ca href=\u0022https:\/\/www.budgets.gatech.edu\/File?F=22BudgetSummary.pdf\u0022\u003E\u003Cspan\u003E$375 million in state appropriations\u003C\/span\u003E\u003C\/a\u003E\u003Cspan\u003E\u003Cspan\u003E, providing a twelvefold return on investment to the state. \u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/p\u003E\r\n\r\n\u003Cp\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003EThe USG study finds that graduates in the past fiscal year, including the 9,952 Tech graduates, will earn on average over $1 million more in their lifetime than they would have without their college degrees. The 71,731 total graduates are predicted to accumulate combined lifetime earnings of $183 billion. \u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/p\u003E\r\n\r\n\u003Cp\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003E\u201cUSG\u2019s 26 public colleges and universities, individually and collectively, make a significant economic impact across the state, helping to put Georgians to work while spending money in local communities and helping their regional economies support Georgia\u2019s growth,\u201d USG Chancellor Sonny Perdue said. \u201cAt the same time, our graduates are the real winners with this million-dollar deal. We\u2019re focused on continuing to help all our students be successful as they use their degrees to prepare themselves for their future prosperity.\u201d \u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/p\u003E\r\n\r\n\u003Cp\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003EThe full \u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Ca href=\u0022https:\/\/www.usg.edu\/assets\/usg\/docs\/news_files\/USG-Economic_Impact_2022.pdf\u0022\u003Eeconomic impact report\u003C\/a\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E \u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003Eand \u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Ca href=\u0022https:\/\/www.usg.edu\/assets\/usg\/docs\/news_files\/USG-Lifetime_Earnings_2022.pdf\u0022\u003Elifetime earnings reports\u003C\/a\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E \u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003E\u003Cspan\u003Eare available on USG\u2019s website.\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/p\u003E\r\n","summary":"","format":"limited_html"}],"field_subtitle":[{"value":"Georgia Tech\u2019s economic impact surged to $4.5 billion in fiscal year 2022, leading the way among University System of Georgia member institutions. "}],"field_summary":[{"value":"\u003Cp\u003EGeorgia Tech\u2019s economic impact surged to $4.5 billion in fiscal year 2022, leading the way among University System of Georgia member institutions.\u003C\/p\u003E\r\n","format":"limited_html"}],"field_summary_sentence":[{"value":"Georgia Tech\u2019s economic impact surged to $4.5 billion in fiscal year 2022, leading the way among University System of Georgia member institutions. "}],"uid":"36418","created_gmt":"2023-08-10 14:47:29","changed_gmt":"2023-08-14 15:23:51","author":"sgagliano3","boilerplate_text":"","field_publication":"","field_article_url":"","dateline":{"date":"2023-08-10T00:00:00-04:00","iso_date":"2023-08-10T00:00:00-04:00","tz":"America\/New_York"},"extras":[],"hg_media":{"671362":{"id":"671362","type":"image","title":"The Kessler Campanile at Georgia Tech","body":null,"created":"1691679055","gmt_created":"2023-08-10 14:50:55","changed":"1691679055","gmt_changed":"2023-08-10 14:50:55","alt":"The Kessler Campanile at Georgia Tech","file":{"fid":"254395","name":"Campanile at Georgia Tech.jpg","image_path":"\/sites\/default\/files\/2023\/08\/10\/Campanile%20at%20Georgia%20Tech.jpg","image_full_path":"http:\/\/hg.gatech.edu\/\/sites\/default\/files\/2023\/08\/10\/Campanile%20at%20Georgia%20Tech.jpg","mime":"image\/jpeg","size":3172681,"path_740":"http:\/\/hg.gatech.edu\/sites\/default\/files\/styles\/740xx_scale\/public\/2023\/08\/10\/Campanile%20at%20Georgia%20Tech.jpg?itok=RpaKf8Nv"}}},"media_ids":["671362"],"groups":[{"id":"1214","name":"News Room"},{"id":"1188","name":"Research Horizons"},{"id":"1278","name":"College of Sciences"}],"categories":[{"id":"130","name":"Alumni"},{"id":"142","name":"City Planning, Transportation, and Urban Growth"},{"id":"42901","name":"Community"},{"id":"131","name":"Economic Development and Policy"},{"id":"129","name":"Institute and Campus"}],"keywords":[{"id":"187915","name":"go-researchnews"},{"id":"192249","name":"cos-community"}],"core_research_areas":[],"news_room_topics":[{"id":"106361","name":"Business and Economic Development"},{"id":"71871","name":"Campus and Community"}],"event_categories":[],"invited_audience":[],"affiliations":[],"classification":[],"areas_of_expertise":[],"news_and_recent_appearances":[],"phone":[],"contact":[{"value":"\u003Cp\u003E\u003Ca href=\u0022Steven.gagliano@gatech.edu\u0022\u003ESteven Gagliano\u003C\/a\u003E - Communications Officer\u0026nbsp;\u003C\/p\u003E\r\n\r\n\u003Cp\u003EInstitute Communications\u003C\/p\u003E\r\n","format":"limited_html"}],"email":["Steven.gagliano@gatech.edu"],"slides":[],"orientation":[],"userdata":""}}}