Jun. 30—Kennesaw State University had an economic impact of $1.84 billion on Georgia in fiscal year 2021, according to a University System of Georgia report released this week.
Kennesaw State's economic impact in fiscal year 2021 marked an 11.6% increase from $1.65 billion the previous year, while the University System of Georgia's economic impact grew by 3.8% over fiscal year 2020. The total impact of all 26 USG institutions on their local communities was $19.3 billion in fiscal 2021, up from $18.6 billion in fiscal year 2020.
KSU's personnel and operating expenses, combined with education-related spending by students, accounted for nearly $1.15 billion of its total fiscal 2021 economic impact. The remaining $650 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 has long had a strong economic impact within our region and the state of Georgia," said Kathy Schwaig, president of KSU. "As our academic programs, enrollment and partnerships continue to grow, the communities served by our University will see expanded benefits as well."
Serving nearly 43,000 students, Kennesaw State's collective employment impact in fiscal 2021 was 14,446 full- and part-time jobs — including 4,022 jobs on campus and 10,424 jobs off campus in either the private or public sectors.
"USG institutions and the system as a whole are key contributors to our state and are an economic engine for communities in every region of Georgia," USG Chancellor Sonny Perdue said. "That economic impact continues to climb, and we are grateful to Gov. Brian Kemp and the General Assembly for their support of the University System and public higher education as we focus on increasing prosperity for the state and all Georgians."
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 collected between July 1, 2020, and June 30, 2021, to calculate each school's economic impact.