Wednesday, January 21, 2015

Study: UIS economic impact measures in the millions Businesses, community benefit

A study by a national research firm that measures universities’ economic impact says the University of Illinois Springfield added $176.8 million to the local economy in fiscal 2013-14.

And the benefit-to-cost ratio derived from the study puts UIS in the upper range compared to most public universities, according to one of the study’s authors.

Most of the added income — $95.5 million — came from increased productivity by UIS alumni in the region, according to the study by Economic Modeling Specialists Inc., which has conducted more than 1,200 economic impact studies for colleges and universities across the country.

The figure represents the higher wages that alumni earned during the year, the increased output of the businesses that employed them, and the multiplier effect of money spent at other businesses.

University operations added another $75.3 million to the Sangamon County economy, the study said.

Of the 1,129 faculty and staff the university employed in fiscal 2013-14, 76 percent lived in Sangamon County, and much of the $67.1 million total payroll was spent in the county. The university itself spent $31.1 million to cover its expenses for facilities, professional services and supplies.

Spending from UIS students who relocated to attend school here — 20 percent of enrollment — accounted for another $5.9 million. The $176.8 million in added income was equal to about 1.3 percent of Sangamon County’s gross regional product, the study said.

The story was reported by The State Journal-Register on January 21, 2015.

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