TU contributes $25.8M to Southwest GA economy | People
THOMAS COUNTY, GA - News release from Thomas University
A recent report by EconImpact indicates that TU contributes $25.8 million to the Southwest Georgia economy in Thomas, Grady, Brooks, Mitchell and Colquitt counties.
“Although Thomas University’s educational impact can now be felt around the U.S., and even abroad, our first commitment is to this region, and we are pleased to continue performing at a high level,” said Dr. Gary Bonvillian, President of Thomas University.
The study was conducted by EconImpact, which provides economic impact studies for colleges and universities across the U.S. as well as healthcare providers in the U.S. and abroad.
This is the third such study conducted during the past six years on TU’s economic impact on Southwest Georgia. Each report has shown an increasing economic impact as Thomas University has grown.
“Thomas University continues to provide Southwest Georgia with a dynamic economic impact that greatly increases our quality of life,” said Don Sims, President of the Thomasville-Thomas County Chamber of Commerce.
Kevin B. Stokes, author of the report, found that in 2011, Thomas University had an economic impact on South Georgia of $25.8 million. Stokes divided that figure into two categories: spending impact and knowledge impact.
TU’s spending impact – $12.4 million – includes the university’s spending, employee spending, student spending and visitor spending.
Of the $12.4 million total, $7.3 million were earned and spent by Thomas University alumni working in Southwest Georgia.
TU’s knowledge impact – $13.4 million – includes the life-long learning benefits to Southwest Georgia of increased earnings for alumni and increased social benefits for alumni.
TU alumni had increased earnings of $7.3 million because of their TU degrees.
Social benefits – reduced alcoholism, reduced incarceration, reduced unemployment and reduced welfare because of better lifestyle choices made by TU alumni living in the area – accounted for $6.1 million.