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GGC's economic impact nearly $300 million

In this file photo, students walk to and from class at Georgia Gwinnett College.

In this file photo, students walk to and from class at Georgia Gwinnett College.

LAWRENCEVILLE -- Long known as an economic engine for Gwinnett and the surrounding region, a study this week detailed Georgia Gwinnett College's economic impact as nearly $300 million.

GGC ranked second among state colleges at $296 million and 3,029 jobs for the 2012 fiscal year, behind Georgia Perimeter College, which had an impact of $774 million and 7,221 jobs, according to a study by the University System of Georgia. The numbers continued a trend in recent years. This year's study is $85 million higher than last year, which saw a 62 percent spike over the previous year.

Interim GGC president Stas Preczewski said in a statement that the impact is multiplied and spread throughout the region.

"This is one of the many ways in which GGC has become woven into the fabric of our community," he said, and referred to 1,200 new graduates who would add future value.

The study was calculated by the Selig Center for Economic Growth in the University of Georgia's Terry College of Business. The data was collected between July 1, 2011 and June 30, 2012.

The overall impact of the 31 public colleges and universities increased by 7.4 percent since last year to $14.1 billion.

Among the system's state universities, Kennesaw State University had the largest impact at $926 million and 8,788 jobs.

Individually, Georgia Tech and the University of Georgia had the largest impacts on their regional economies. Tech was measured at $2.6 billion and 20,869 jobs, while UGA had $2.2 billion and 22,196 jobs.

That money comes from initial spending on salaries, fringe benefits, operating supplies and expenses, budgeted expenditures and spending by students.

The study also trumpeted the worth of the institutions since the Great Recession, which rose by $2 billion since fiscal year 2008. And nearly doubled the worth since the first study in 1999 marked the impact at $7.2 billion.