Savannah State University Releases Economic Impact Report
Savannah State University Releases Economic Impact Report
For Immediate Release
Sept. 23, 2024
Media Contact: Jennifer Abshire
Abshire Public Relations
912.247.9588
pr@abshirepr.com
Savannah, GA – Savannah State University (SSU) contributed a total of $150.5 million to the local economy between July 1, 2022, and June 30, 2023, a new study shows. The University System of Georgia commissioned study also showed SSU generated 1,243 full- and part-time jobs over the same period.
A companion study found that SSU bachelor’s graduates from the Class of 2023 will earn $1.4 million more during their lifetimes than they would have without their college degree.
“Studying at SSU is a sound investment in our students’ futures,” said SSU Interim President Cynthia Alexander. “As we are helping our students find success, we are also stabilizing and creating jobs in the community around us.”
The $150.5 million total economic impact for Fiscal Year 2023, included $121.3 million in initial spending by students and by SSU’s personnel and operating expenses. The remaining $29.2 million is the multiplier impact of those funds in the local community. SSU also spent $7.5 million on capital projects in FY 2023, which created 64 jobs.
Of the 1,243 jobs generated by SSU, 397 are on-campus jobs and 846 are off-campus. The study found that for every person employed by SSU on its campus, two additional jobs are created in the local community.
While the majority of SSU students pursue a bachelor’s degree, the university also confers associate and master’s degrees. The companion study findings show that each additional level of education increases overall lifetime earnings with associates earning an additional $449,323 over high school graduates, bachelor’s earning $1,373,595 more and master’s earning $1,667,979 more than a high school graduate.
“These numbers are a powerful indicator of the value of an SSU education and the importance of our institution to our regional economy,” Alexander said. “We’re proud to play our part in bettering our community by providing jobs, avenues to enhance employment opportunities and inspiration for a brighter tomorrow.”
The full reports:
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About SSU: Established in 1890, Savannah State University is the first public historically black college and university in Georgia and the first institution of higher learning in the city of Savannah. Students select majors from 30 undergraduate and five graduate programs in four colleges – Business Administration, Education, Liberal Arts and Social Sciences, and Sciences and Technology. Learn more by visiting savannahstate.edu.
