AU contributed over $1.6 billion to Georgia’s economy in FY 2024

Augusta University has an impact that goes far beyond its namesake city. With a growing statewide network that includes regional and clinical campuses for the Medical College of Georgia at Augusta University and the Dental College of Georgia, as well as clinical sites and research projects that serve the state’s 159 counties, it’s easy to see how AU continues to provide value, including economic value, to the city, state and region.

During fiscal year 2024, which ran from July 1, 2023, to June 30, 2024, Augusta University provided a $1.62 billion boost to the state economy – marking a 4.6% increase over the previous year – and generated 11,543 jobs. This is according to the University System of Georgia’s annual “Economic Impact of University System of Georgia Institutions on their Regional Economies in FY 2024.“

“Augusta University’s growth adds tremendous value to Georgia and beyond. With record enrollment, groundbreaking research and new facilities being added, our economic impact across the state continues to increase,” said Augusta University President Russell T. Keen. “We are focused on driving research, empowering student success and engaging with our community. As the state’s designated health sciences university, our faculty are leaders in their fields, and our research leads to life-changing, lifesaving discoveries. We prioritize student success, supporting our students both in and out of the classroom. Our students, faculty and staff make a real difference in people’s lives, not only here in Georgia, but around the world.”

Included in AU’s economic impact are MCG’s regional campuses, which contributed more than $42 million and 389 jobs to Georgia’s economy.

Not included in FY 2024 was the new Medical College of Georgia Savannah at Georgia Southern University Campus, which celebrated its official ribbon-cutting in July 2024. The new four-year campus welcomed 41 first-year medical students as part of the first class to complete their entire medical school journey in Savannah.

The new report also breaks down the impact of student spending, with AU’s 10,546 students during the 2023-24 academic year spending approximately $239.2 million in FY 2024, or an average of $22,680.92 per student.

Last fall, AU celebrated a 9.8% increase over the previous year with 11,584 total students enrolled, and, with current enrollment for fall 2025 exceeding 12,000 students, it is on track for another record-breaking year, marking 10 straight years of enrollment growth.

“At Augusta University, we’re dedicated to putting students first and making every interaction count,” Keen said. “Our goal is to create a cutting-edge learning environment that sets them up for success in the workforce. This commitment is clear in our growing student body, exceptional faculty and high-quality academic programs, which have consistently produced successful graduates.

“There’s a lot of momentum at Augusta University right now. Reaching this enrollment milestone shows our dedication to constantly improving every interaction and experience, which has driven up demand for the health sciences, liberal arts and technology-driven education we’ve become known for,” Keen added.

Each year, a companion study is published alongside the economic impact study that looks at the potential lifetime earnings for graduates from USG’s member institutions. According to this year’s report, the Class of 2024 will earn, on average, over $1.4 million more than they would without a college degree.

During FY 23, AU conferred a total of 2,242 degrees, including 1,013 bachelor’s, 637 master’s, 335 professional, 171 doctoral, 84 certificates and two associate degrees.

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

From USG

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 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.

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.