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____________________________________________________________________________

Mar. 30, 2009

GSW residence hall project boosts area

economy

Construction has estimated $23.9 million impact     

           AMERICUS—Georgia Southwestern State University’s new residence hall, Magnolia, is scheduled for completion in August, but the positive economic impact it is having on the area economy can be felt today.

            The 300-bed, 88,000 square foot student housing project has provided over 240 jobs to area businesses and will have a total estimated $23,961,000 impact on the area economy, said John Kooti, Ph.D., dean of GSW’s School of Business Administration. This number includes direct, indirect and induced expenditures, labor income and tax revenue, according to Kooti.

            “It is gratifying to know that in these difficult times the University can provide a small, yet significant, boost to the local economy,” said GSW President Kendall Blanchard, Ph.D. “However, we realize that the University’s success is due in many ways to the strong support it has received over the years from the community: its elected officials, business persons, and tax-paying citizens.  For that reason, the construction of the new residence hall should be seen not as something the University is doing for the community, but rather as a symbol of what the University and community can accomplish when they work together.”

            The GSW Foundation placed a unanimous vote earlier this month approving permanent financing for the project by way of tax exempt bonds from the Americus-Sumter County Payroll Development Authority. The bonds superseded a short-term loan from SB&T Bank that allowed the project to begin in January.

            Constructed to facilitate a growing student population, Magnolia is GSW’s third residence hall constructed within the last four years. Building is expected to commence on Georgia Southwestern’s Health and Human Sciences complex in 2010. Design funds have been approved by the University System of Georgia and state lawmakers.

            Magnolia--GSW's current residence hall project has an estimated $23.9 million economic impact on the area economy.