Albany State University
Release: 06/10/08
Albany, Georgia

ASU contributed $137 million to local economy in FY 2007

According to a report recently released by the Board of Regents of the University System of Georgia, Albany State University’s output impact on the local economy is $137 million.

Written by Dr. Jeffrey M. Humphreys of the Selig Center for Economic Growth in the Terry College of Business at the University of Georgia., “The Economic Impact of University System of Georgia Institutions on their Regional Economies in FY 2007” states that the 35 institutions of the USG contribute a total economic impact of $11 billion on the state’s economy during fiscal year 2007.

The report was commissioned by the Intellectual Capital Partnership Program, an initiative of the Board of Regents’ Office of Economic Development.

The report covers data collected between July 1, 2006, and June 30, 2007. The study area for ASU includes Dougherty, Lee, Worth, Mitchell, Terrell, Colquitt, Baker, Sumter, Calhoun and Tift counties.

In addition to ASU’s output impact of $137 million, ASU’s initial spending totals more than $99 million dollars. Initial spending includes salaries and employee benefits, operating supplies and expenses, and other expenditures, including spending by students.

In fiscal year 2007, ASU also had a value added impact of $78 million, which included employee compensation, proprietary income, other property income and indirect business taxes.

ASU’s labor income impact was reported at nearly $56 million, which includes total payroll costs and fringe benefits of ASU employees and payments received by self-employed individuals. According to the report, in fiscal year 2007 ASU had an employment impact of 1,559 full-time and part-time jobs in the area. Of that total 625 are jobs on campus and 934 are jobs that exist due to ASU-related spending.
To view the complete report, visit www.icapp.org/pubs/usg_impact_fy2007.pdf.