Savannah: The Economic Engine Driven by Savannah State University
In the lively city of Savannah, a new study has unveiled some impressive figures that highlight the significant economic contribution of Savannah State University (SSU). Between July 1, 2022, and June 30, 2023, SSU has injected a whopping __$150.5 million__ into our local economy. This report, commissioned by the University System of Georgia, shines a spotlight on how SSU isn’t just a place for learning, but an essential driver for job creation and community growth.
The Economic Impact Breakdown
The total economic impact of __$150.5 million__ includes __initial spending__ of __$121.3 million__ by students, university personnel, and operational expenses. Additionally, there’s an extra borrowed sum of __$29.2 million__ which illustrates the multiplier effect of this spending throughout the local community. For instance, when students and faculty spend money on housing, food, and entertainment, it circulates through various local businesses, creating a ripple effect of economic activity.
Moreover, in the same fiscal year, SSU invested __$7.5 million__ on capital projects which led to the creation of __64 jobs__. That’s a significant contribution to our job market, making a direct impact on the livelihoods of many Savannah residents.
Job Creation at Its Best
Over the duration of the report, SSU generated a total of __1,243 full- and part-time jobs__. Out of these, __397 jobs__ were located on-campus while a substantial __846 jobs__ were found in the community beyond the campus gates. This means that for every one person employed at SSU, an additional two positions were created in the surrounding area. It’s heartening to know that our local job market is thriving thanks to the University!
The Bright Futures of SSU Graduates
And it doesn’t just stop there! SSU is also making a real difference in the lives of its students. A companion study revealed that the university’s bachelor’s graduates from the Class of 2023 are on track to earn an extra __1.4 million dollars__ more over their lifetimes compared to those who don’t have a degree. Those pursuing an associate degree can expect to earn roughly __$449,323__ more than high school graduates. This emphasizes the importance of education in shaping not just individual futures but also uplifting the entire community.
A Message of Hope
According to SSU’s Interim President Cynthia Alexander, “Studying at SSU is a sound investment in our students’ futures.” The very essence of her message conveys that while SSU is committed to shaping successful graduates, the university also plays a pivotal role in creating jobs and stabilizing our local economy.
“These numbers are a powerful indicator of the value of an SSU education and the importance of our institution to our regional economy,” Alexander added. Her sentiments resonate with those of us who have seen firsthand the positive change brought about by such institutions in our community.
A Vision for Tomorrow
As we move forward, it’s crucial to recognize the role of education not only as a pathway to personal growth but also as a foundation for economic stability in our beloved Savannah. The future looks bright for both SSU and the community, proving that when educational institutions flourish, so too does the surrounding area.
In the grand scheme of things, the impact of SSU on Savannah goes beyond numbers; it’s about fostering a culture of success, job creation, and economic prosperity. Here’s to many more years of growth and impact!
