The University System of Georgia powered $23.1 billion into the state’s economy in FY 2024 – a 5.4% jump from last year – while recent graduates stand to earn $1.4 million more over their lifetimes thanks to their degrees, two new studies show.

“A degree from one of USG’s 26 public colleges and universities is a million-dollar deal for graduates and a billion-dollar boost for Georgia,” USG Chancellor Sonny Perdue said. “Students see real returns through higher earnings and better opportunities. Meanwhile, our institutions power Georgia’s economy and help local communities thrive.”

The total economic impact of $23.1 billion for fiscal year 2024, up from $21.9 billion in fiscal year 2023, includes $15.2 billion in initial spending by students and by USG’s 26 institutions on personnel and operating expenses. The remaining $7.9 billion is the multiplier impact of those funds in a local community.

The study found that USG generated 168,635 full- and part-time jobs across Georgia. Approximately 32% of those positions are on-campus jobs and 68% are off-campus. For each job a USG institution creates on its campus, two additional jobs are created in the local community. Data also continued to show that USG and its institutions create about the same employment impact in the state as Georgia’s top five employers combined.

The companion study found that bachelor’s graduates from the Class of 2024 will earn, on average, over $1.4 million more than they would without a college degree. The findings confirm how much each level of higher education can add to a USG graduate’s total earnings throughout their lives. They offer evidence about how earnings increase substantially with each step up in earned degree.

On average, each credential generates additional earnings over a USG graduate’s lifetime by:

Certificate: +$292,582

Associate degree: +$462,576

Bachelor’s degree: +$1,414,108

Master’s degree: +$1,717,175

Professional degree: +$2,659,505

Ph.D.: +$2,499,996

Based on work-life earnings estimates for Georgia, the analysis showed that the 73,006 USG graduates from the Class of 2024 can expect combined total lifetime earnings of $230 billion, which is $73 billion more than they could expect to earn had they not finished college or graduate school.

High school graduates who obtain a bachelor’s degree will boost their work-life earnings in Georgia by 82%, exceeding the 80% increase estimated for the nation.

Both studies were conducted on behalf of USG by Jeffrey M. Humphreys, Ph.D., director of the Selig Center for Economic Growth in the University of Georgia’s Terry College of Business.

The average increase in lifetime earnings fluctuates year-to-year for each graduating class, depending on how many bachelor’s degrees are awarded compared to the other degree categories. If factoring in less-than-four-year degrees for the Class of 2024, the average amount of extra earnings is over $1 million.