SAVANNAH, GA (WTOC) - Armstrong Atlantic State University generated $209 million in economic activity for the region during fiscal year 2011 (July 1, 2010-June 30, 2011).
This according to a study conducted for the Board of Regents by the Selig Center for Economic Growth in the University of Georgia's Terry College of Business.
Armstrong's initial spending of $82.3 million for payroll and goods and services, coupled with student spending of $90.5 million, generated an additional $35.9 million of re-spending in the community, for a total economic impact of $209 million. Re-spending accounts for the multiplier effect of those dollars as they are spent again in local businesses in the community.
Construction projects on the Armstrong campus had an additional impact of $7.8 million above the $208 million. The construction projects alone supported an additional 70 jobs in the region.
The study also shows that while Armstrong created 515 full and part-time jobs on campus, the institution generates a total of 2,074 jobs in the community due to university-related spending on goods, services and payroll. In addition to spending-related effects, the university contributes to the social fabric of the community through an array of cultural offerings in arts, music and theatre, in addition to lectures, conferences and presentations.
Georgia's public university system had a $13.2 billion economic impact on the state's economy. The 35 institutions in the University System of Georgia generated 3.4% of the state's total number of jobs during fiscal year 2011.
Researchers found that, on average, for every dollar of initial spending by an institution, an additional 39 cents was generated for the local economy. In similar fashion, for each job created on campus there are 1.9 off-campus jobs that exist because of spending related to the institution.
The results of the study were announced by the Board of Regents of the University System of Georgia.