KSU: University's economic impact climbs to more than $2 billion in 2022
Kennesaw State University had an economic impact of $2.03 billion on Georgia in fiscal year 2022, according to a University System of Georgia (USG) report released Tuesday.
Kennesaw State’s economic impact in FY 2022 marked an 10.3% increase from $1.84 billion the previous year, while the University System of Georgia’s economic impact grew by 4.14% over fiscal year 2021. The total impact of all 26 USG institutions on their local communities was $20.1 billion in FY 2022, up from $19.3 billion in fiscal year 2021.
Kennesaw State’s personnel and operating expenses, combined with education-related spending by students, accounted for $1.3 billion of its total FY 2022 economic impact. The remaining more than $728 million resulted from the institution, its employees and students purchasing goods and services in the community, such as at restaurants and retail stores.
“Kennesaw State is an important driver of the economy within our region and the state of Georgia,” said KSU President Kathy Schwaig. “Our academic programs, impactful research, enrollment and community partnerships continue to have a growing positive impact.”
Serving more than 43,000 students, Kennesaw State’s collective employment impact in FY 2022 was 15,917 full- and part-time jobs – including 4,095 jobs on campus and 11,822 jobs off campus in either the private or public sectors. The study found that for each job created by KSU on its campus, another 2.8 jobs was created in the local community.
In addition to USG’s annual economic impact study, the system released a companion study that found bachelor’s graduates in the class of 2022 from Georgia’s public colleges and universities will earn over $1 million more during their lifetimes than they would without a degree.
“USG’s 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’s growth,” USG Chancellor Sonny Perdue said. “At the same time, our graduates are the real winners with this million-dollar deal. We’re focused on continuing to help all our students be successful as they use their degrees to prepare themselves for their future prosperity.”
The University System’s measure of economic impact reflects direct and indirect spending that contributes to the regions served by its colleges and universities. The report evaluates economic impact in terms of output (sales, plus or minus inventory), value added (gross regional product), labor income and number of jobs.
The annual USG study was conducted by the Selig Center for Economic Growth in the University of Georgia’s Terry College of Business, which analyzed data for the period of July 1, 2021, and June 30, 2022, to calculate each school’s economic impact.
Read the full USG economic impact report here and the companion study on earnings here.