Georgia’s economy will gain between $1.8 and $2.3 billion by 2040 from the University of Georgia’s School of Medicine, according to an analysis conducted by consulting firm Tripp Umbach.
The report indicates that by 2040, the University of Georgia School of Medicine will generate $397.3 million every year through its operations, most of which will come from job creation. The report further estimates that the School of Medicine will support 953 direct jobs and 1,695 indirect jobs statewide by 2040.
One of the most significant impacts of the school will be expansion of healthcare access, according to the report. Between 50-60% of the anticipated 708 graduates in the years 2030 to 2037 are expected to remain in Georgia to practice, and are projected to generate up to $932.8 million in economic activity, create more than 5,700 jobs and provide up to $34.7 million in state and local tax revenue by 2040.
“We believe this transformative medical education and research program will advance physical and economic health throughout Georgia,” said Paul Umbach, president and founder of Tripp Umbach. “Our confidence in the economic impact analysis is supported by UGA’s 15 years of experience as a partner campus with the Medical College of Georgia and its movement to a separate integrated program within a top-tier public university.”
