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Fort Valley State, Albany State, and Savannah State have a combined $584 million impact on the state of Georgia in the 2022 Fiscal Year, per a study by the University System of Georgia that was released in June. The number was calculated by combining the individual economic impacts of the three state HBCUs based on university-related expenditures such as:
- University spending
- Salaries and Fringe Benefits: Refers to the compensation provided to employees, including wages or salaries and additional benefits such as health insurance, retirement plans, etc.
- Operating Supplies and Expenses: Costs related to the day-to-day operation of the institution, such as purchasing supplies, maintenance expenses, utility bills, and other operational costs.
- Other Budgeted Expenditures: Various planned expenditures that don't fall into the previous categories, potentially including research funding, administrative expenses, and other planned financial outlays.
- Student spending: Expenses incurred by students attending these institutions. It could include tuition fees, books, supplies, housing costs, and other educational expenses.
- University Spending on Capital Projects (Construction): Spending related to significant construction projects undertaken by the institutions such as the building or renovation of facilities like classrooms, dormitories, and other infrastructure.
As a factor of the above expenditures, a university's impact on the community it's housed in causes:
- An increase in spending on local businesses such as stores and restaurants due to spending by faculty/staff members and students
- Indirect spending that leads to money generation for local contractors, suppliers, and service providers
- An increase in housing demand, which leads to an increase in property value and a thriving real estate market in the city
- Job creation due to the expenditures of the college and an educated workforce comprised of alumni that reside in the area as well as students that work at local businesses during the year
By The Numbers
Below are the individual numbers for each institution's economic impact. The economic impact is calculated by the number in the “Output Impact” column. In total, the “output impact” for the three institutions combined is approximately a $584,479,232 million economic impact. Read the full study by the University System of Georgia to see the full breakdown and methodology.
| Initial Spending | Output Impact | Value Added Impact | Labor Income Impact | Employment Impact |
| $235,653,684 | $260,389,529 | $165,760,512 | $110,953,786 | 2,588 jobs |
| Initial Spending | Output Impact | Value Added Impact | Labor Income Impact | Employment Impact |
| $144,364,574 | $163,124,086 | $105,620,059 | $74,893,753 | 1,653 jobs |
Savannah State University
| Initial Spending | Output Impact | Value Added Impact | Labor Income Impact | Employment Impact |
| $141,043,644 | $160,965,617 | $108,345,077 | $73,415,740 | 1,458 jobs |
