KENNESAW, Ga. | Aug 22, 2017
Student spending fuels growth across the region in fiscal year 2016
Kennesaw State University continues to flourish as a major contributor to the regional economy, surpassing $1.4 billion in economic impact in fiscal year 2016, according to the University System of Georgia’s most recent report released this week. The total impact of all 28 USG institutions on their host communities was $16.8 billion in FY 2016.
The University System’s measure of economic impact reflects direct and indirect spending that contributes to the regions served by its colleges and universities. Each regional economy benefits from institutional spending for personnel services and operating expenses, as well as student spending.
Of Kennesaw State’s FY 2016 total economic impact, $862 million is initial spending by the institutions for personnel services and operating expenses and student spending. The remaining $546 million of the output impact was created by re-spending – the multiplier effect of the dollars that are spent again in the region.
“We are proud that Kennesaw State serves as a powerful engine of the regional economy,” said President Sam Olens. “It’s so gratifying to know that as the University works to fulfill its primary mission on behalf of our students, it is also playing such an important role in keep the region moving and growing.”
Serving more than 35,000 students, Kennesaw State’s collective employment impact in FY 2016 was 12,933 full- and part-time jobs, including 3,664 jobs on campus, which created 9,269 jobs off-campus in either the private or public sectors.
The USG study was conducted by the Selig Center for Economic Growth in the University of Georgia’s Terry College of Business, which analyzed data collected between July 1, 2015, and June 30, 2016, to calculate the university’s economic impact.
“The University System is committed to its role in supporting and advancing the economic growth of the State of Georgia,” said Chancellor Steve Wrigley. “These numbers reflect the hard work and support of Georgians across the state, and we hope to continue to drive innovation, workforce development and job creation for years to come.”
Most of the $16.8 billion economic impact consists of initial spending by USG institutions for salaries and fringe benefits, operating expenses and other budgeted expenditures, as well as spending by the students who attended the institutions. Initial spending by USG institutions and students equaled approximately $11 billion, or almost 66 percent of the total economic impact. The remaining $5.8 billion of the economic impact was created by re-spending.
The FY 2016 study found that the University System generated nearly 157,967 full- and part-time jobs – 3.6 percent of all jobs in Georgia. Approximately 32 percent of these positions are on campus as USG employees and 68 percent are off-campus positions in either the private or public sectors.
To download the University System of Georgia’s full economic impact report, go to: https://www.usg.edu/assets/usg/docs/USG_Impact_2016.pdf.
A leader in innovative teaching and learning, Kennesaw State University offers undergraduate, graduate and doctoral degrees to its more than 43,000 students. Kennesaw State is a member of the University System of Georgia with 11 academic colleges. The university’s vibrant campus culture, diverse population, strong global ties and entrepreneurial spirit draw students from throughout the country and the world. Kennesaw State is a Carnegie-designated doctoral research institution (R2), placing it among an elite group of only 7 percent of U.S. colleges and universities with an R1 or R2 status. For more information, visit kennesaw.edu.