News Summary
Savannah State University (SSU) has made a noteworthy economic contribution to Georgia, impacting its local economy by $164.4 million in fiscal year 2024, marking a 9.3% increase from the previous year. The report outlines the impact from institutional and student spending and highlights SSU’s role as an economic engine for Southeast Georgia, generating jobs and stimulating local businesses through its financial activities.
Savannah – Savannah State University (SSU) has made a significant economic contribution to the state of Georgia, impacting the local economy to the tune of $164.4 million in fiscal year 2024. This figure represents a considerable 9.3% increase compared to the previous fiscal year, according to a recent report by the Selig Center for Economic Growth at the University of Georgia.
The reported economic impact of SSU is derived from various factors, including institutional spending, student spending, and capital investment. These contributions are not just beneficial for the university itself; they resonate throughout the regional economy. The financial influx is felt through salaries and wages, operational expenses, student expenditures, and local purchasing, which, in turn, support a wide array of businesses and services in the area.
SSU’s economic footprint extends beyond its main campus. For every job created on campus, approximately two additional jobs are supported off-campus through the demand for related goods and services. This showcases the university’s role as a critical economic engine in Southeast Georgia, affecting local economies in counties such as Chatham, Effingham, Bryan, Liberty, and Bulloch.
Breakdown of Economic Contributions
A detailed breakdown of SSU’s spending contributions reveals the depth of its financial impact:
- $65.6 million in student spending
- $60.8 million in personnel services
- $37.8 million in operating expenses
The economic multiplier effect illustrates that every dollar spent by the University System of Georgia (USG) institutions generates an additional 52 cents in economic activity within the surrounding community. This multiplier effect signifies the far-reaching influence of SSU’s financial activities, which permeate various sectors, including restaurants, housing, transportation services, local retail, and healthcare providers.
Employment Impact
In terms of job creation, data indicates that each million dollars spent by the university supports an estimated 11 jobs within both the campus environment and the adjacent communities. This underscores the importance of the university’s economic activity not only for students and staff but for local residents seeking employment opportunities.
Community Engagement and Educational Benefits
Beyond monetary contributions, SSU enhances the region through cultural programs, applied research, and public service initiatives that foster community engagement and innovation. The education provided at SSU and other institutions within the University System of Georgia not only improves individual lifetime earnings but also plays a crucial role in workforce development, especially in high-skill industries that are vital for the area’s economic growth.
SSU’s leadership emphasizes its ongoing commitment to regional development, focusing on expanding academic offerings and forging local partnerships to address the evolving needs of the community. This comprehensive approach aims to better serve the area while preparing students to become the leaders of tomorrow.
As Savannah State University continues to thrive, its increasing economic contributions paint a picture of a robust institution that is dedicated not only to education but also to the overall betterment of the Southeast Georgia economy.
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Additional Resources
- WTOC: Savannah State Powers $164M Boost to Georgia’s Economy
- Wikipedia: Savannah State University
- WJCL: Savannah State University’s Economic Spike in Georgia
- Google Search: Savannah State University Economic Impact
- WSAV: SSU Generates $164 Million Economic Impact
- Encyclopedia Britannica: Economic Development
- Savannah Now: Savannah State Partners with City on Economic Development Internship
- Google News: Savannah State University
Author: STAFF HERE SAVANNAH WRITER
SAVANNAH STAFF WRITER The SAVANNAH STAFF WRITER represents the experienced team at HERESavannah.com, your go-to source for actionable local news and information in Savannah, Chatham County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Savannah Music Festival, St. Patrick's Day Parade, and Savannah Jazz Festival. Our coverage extends to key organizations like the Savannah Area Chamber of Commerce and United Way of the Coastal Empire, plus leading businesses in aerospace, education, and logistics that power the local economy such as Gulfstream Aerospace, Savannah College of Art and Design, and Colonial Group. As part of the broader HERE network, including HEREAtlanta.com and HEREAugusta.com, we provide comprehensive, credible insights into Georgia's dynamic landscape.
