VSU’s Value-Added Impact to Host Area Increased $4.1 Million in FY24

Valdosta State University’s complete financial influence on its host area — outlined as Lowndes, Brooks, Lanier, Berrien, Cook, and Echols counties — between July 1, 2023, and June 30, 2024, was slightly greater than $385.3 million. This consists of the creation of three,514 jobs.

VALDOSTA — How a lot does Lowndes County and the encircling areas profit economically from internet hosting Valdosta State University?  

That is the query the Selig Center for Economic Growth on the University of Georgia’s Terry College of Business got down to reply in a latest research commissioned by the Board of Regents of the University System of Georgia — The Economic Impact of University System of Georgia Institutions on their Regional Economies in Fiscal Year 2024.   

Dr. Jeffrey M. Humphreys, director of the Selig Center for Economic Growth, famous that VSU’s complete financial influence on its host area — outlined as Lowndes, Brooks, Lanier, Berrien, Cook, and Echols counties — between July 1, 2023, and June 30, 2024, was, within the easiest and broadest doable phrases, slightly greater than $385.3 million. This consists of the creation of three,514 complete jobs, of which 2,327 are off-campus jobs in the private and non-private sectors.  

“With an overall economic impact of more than $385.3 million, we are an integral part of the lifeblood of Valdosta, Lowndes County, and surrounding areas, and we understand the active role we play in lifting our people and communities,” mentioned Dr. Richard A. Carvajal, president of Valdosta State University.

“We are especially proud to note that our value-added impact — a reflection of our most direct economic impact to households and businesses across Lowndes, Brooks, Lanier, Berrien, Cook, and Echols counties — increased by $4.1 million during the 2023-2024 academic year. We recognize the importance of our impact not just within our campus environment but also within our host region. That inspires us to continue to promote partnerships and initiatives that address local needs and contribute to regional development.”    

Humphreys’ report supplied extra details about the financial influence of spending by VSU as an establishment of upper schooling, VSU staff, and VSU college students.    

Initial Spending — $333,003,400

According to the report, complete preliminary spending accruing to VSU’s regional economic system is the mix of three kinds of spending — spending by the college for personnel companies, spending by the college for working bills, and spending by the college’s college students. 

Spending originating from personnel companies accounted for about 28 % ($93,106,116) of preliminary spending throughout Fiscal Year 2024. Spending resulting from working bills accounted for about 22.5 % ($75,122,493) of preliminary spending. Student private expenditures accounted for about 49.5 % ($164,774,791) of preliminary spending. 

Total Output Impact — $385,314,224

According to the report, output influence was calculated for every class of preliminary spending, primarily based on the influence of the primary spherical of spending and the impacts generated by the re-spending of those quantities — the multiplier impact. Total output impacts are probably the most inclusive, largest measures of financial influence. 

Of VSU’s complete output influence, 86.4 % ($333,003,400) was preliminary spending, whereas 13.6 % ($52,310,824) was the induced/re-spending influence or multiplier impact, or the distinction between output influence and preliminary spending. The multiplier captures the regional financial repercussions of the flows of re-spending that happen all through the area till the preliminary spending has fully leaked to different areas. 

On common, each greenback of preliminary spending generated a further $1.16 for the economic system of VSU’s host area throughout Fiscal Year 2024.  

Total Value-Added Impact — $269,802,171

According to the report, value-added impacts, which exclude expenditures associated to international and home commerce, present a way more correct measure of the particular financial advantages flowing to companies and households in VSU’s host area than the extra inclusive output impacts. 

VSU’s value-added influence equaled about 70 % of its $385.5 million output influence, with international and home commerce comprising the remaining 30 % of the output influence throughout Fiscal Year 2024.  

Labor Income Impact — $166,212,834

According to the report, VSU generated a labor influence on its host area of $166,212,834 in Fiscal Year 2024. The labor revenue obtained by Lowndes County and neighboring communities represents 61.6 % of the value-added influence.  

Employment Impact — 3,514

According to the report, the financial influence of internet hosting VSU is most simply understood when it comes to the college’s influence on employment. VSU generated an employment influence of three,514 jobs in Lowndes County and surrounding communities in Fiscal Year 2024.  

Approximately 33.8 % (1,187) of those positions are on-campus jobs, whereas 66.2 % (2,327) are off-campus jobs within the public or personal sector that exist resulting from VSU-related spending.  

In his report, Humphreys acknowledged, “These economic impacts demonstrate that continued emphasis on higher education as an enduring pillar of the regional economy translates into jobs, higher incomes, and greater production of goods and services for local households and businesses.” 

Visit to be taught extra in regards to the University System of Georgia’s collective financial influence on Georgia and think about the complete 25-page report.  

On the Web:  
www.valdosta.edu