A new economic-impact study commissioned by the University of Illinois concludes that the UI system pumps $17.5 billion into the state economy each year and supports 171,300 jobs — about 2 percent of the statewide total.
The report, to be presented today to UI trustees, says that spending by the three universities in the UI system, their employees and students, and increased earnings by their graduates, account for 2.2 percent of the Illinois gross state product of roughly $820 billion.
The largest share of the $17.5 billion — about $10 billion of it — comes from spending by UI graduates who live and work in Illinois.
The rest comes from spending by the UI system's academic and research operations ($4.9 billion), hospital and health-care operations ($1.5 billion), companies launched through research (nearly $679 million), students (nearly $306 million), and visitors to the universities (nearly $40 million).
For every dollar that Urbana students put into their education, they receive $4.70 in career earnings — a 14.5 percent annual return. The average bachelor's degree graduate will earn $30,800 more annually than a high school graduate, netting about $1.4 million more in career earnings.
In Chicago, students received $5.30 in career earnings for every dollar investment, at 16.5 percent annual return, and UI Springfield students received $6.30, a 20.1 percent return.
This story appeared in The News-Gazette on September 27, 2018.
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