The COVID-19 recession is already expected to be deeper than the Great Recession that ended in 2009, but the recovery could be quicker. While economic recovery is expected after the COVID-recession, how fast the economy picks back up depends on several factors.
University of Illinois Springfield Professor Kenneth Kriz said there are two possible economic recoveries once the state lifts the government-imposed economic shutdown that was implemented to slow the spread of COVID-19.
“A V-shaped recession would be an immediate bounce back, that’s what the National Association of Business Economists see,” Kriz said. “Some other forecasters have looked at a U-shape, which would be a slightly longer recovery period.”
Ultimately, Kriz said the longer the COVID-19 recession lasts, the greater the toll on state and local government revenue.
UIS professor Beverly Bunch said when the stay-at-home orders are lifted, not everything will get turned back on in a day.
“Clearly the governor has asked people not to plan large events,” Bunch said. “Conferences that are being scheduled for the fall are still in limbo whether they’re going to happen or whether they’re going to go online.”
She said a lot of it will also depend on the advice being given out by public health officials.
This article appeared on The Center Square on April 10, 2020.
Read the entire article online.
Showing posts with label economic development. Show all posts
Showing posts with label economic development. Show all posts
Monday, April 13, 2020
Thursday, April 2, 2020
UIS hosts webinar focusing on impact COVID-19 will have on small businesses
The University of Illinois Springfield is hosting a series of free, public webinars focused on the impact COVID-19 is having on small businesses.
The Mayor of Springfield, Jim Langfelder, says small businesses are the backbone of every economy. "The question is; what's the next steps we take to really rebuild our community, because the economic engine slowed up with small businesses, and we need to do whatever we can to keep those resources viable and going," Langfelder says.
UIS Director of Economic Development, Bruce Sommer, says COVID-19 is not only putting stress on small business owners, but the city's those businesses reside in. "There's a high risk that many of these businesses may not come back," Sommer says. "It's going to impact the economy significantly. I think most directly just the tax increments that come from the sales."
Sommer is hosting the webinars to help small business owners navigate through COVID-19. "It's evaluating risks and evaluating opportunities," Sommer says. "So, what are the risks of staying closed longer? How do we evaluate that risk? How do we evaluate the risk of customer base dwindling, because they don't have income coming in," Sommer says?
The discussions will focus on the impact COVID-19 is having on the economy, what programs are available for aid and how to apply. Sommer says the university is hoping to host two webinars per week.
This story aired on WAND 17 on April 1, 2020.
Read the entire article online.
The Mayor of Springfield, Jim Langfelder, says small businesses are the backbone of every economy. "The question is; what's the next steps we take to really rebuild our community, because the economic engine slowed up with small businesses, and we need to do whatever we can to keep those resources viable and going," Langfelder says.
UIS Director of Economic Development, Bruce Sommer, says COVID-19 is not only putting stress on small business owners, but the city's those businesses reside in. "There's a high risk that many of these businesses may not come back," Sommer says. "It's going to impact the economy significantly. I think most directly just the tax increments that come from the sales."
Sommer is hosting the webinars to help small business owners navigate through COVID-19. "It's evaluating risks and evaluating opportunities," Sommer says. "So, what are the risks of staying closed longer? How do we evaluate that risk? How do we evaluate the risk of customer base dwindling, because they don't have income coming in," Sommer says?
The discussions will focus on the impact COVID-19 is having on the economy, what programs are available for aid and how to apply. Sommer says the university is hoping to host two webinars per week.
This story aired on WAND 17 on April 1, 2020.
Read the entire article online.
Friday, January 17, 2020
UIS, SIU make first joint remarks at DSI awards on downtown proposal
In a room filled with some of the city’s biggest movers and shakers Thursday evening, representatives from the University of Illinois Springfield and Southern Illinois University said they are still “planning” but hope to share their collective space needs and programming desires for a downtown university district soon.
“We are planning,” said John Charles, SIU’s executive director for governmental and public affairs, who spoke alongside Bruce Sommer, UIS’s director of economic development and innovation, at Downtown Springfield Inc.’s 27th annual awards dinner at the Wyndham Springfield City Centre.
“But, in the coming weeks, we look forward to solidifying a business plan and sharing with you our goals for this downtown innovation district.”
“When your industry, when your businesses grow, we all benefit,” Sommer told the several hundred in the room, which included several downtown business owners.
UIS re-established its downtown presence in August 2018 when it assumed control of Innovate Springfield, a social innovation and business incubator that now houses a hub in the Illinois Innovation Network. That University of Illinois system-led initiative is meant to foster economic growth through research and innovation by connecting hubs around the state to the flagship Discovery Partners Institute, a Chicago-based research institute.
Both institutions say that the project will have a greater impact if they work together along with the surrounding business community.
This article appeared in The State Journal-Register on January 16, 2020.
Read the entire article online.
“We are planning,” said John Charles, SIU’s executive director for governmental and public affairs, who spoke alongside Bruce Sommer, UIS’s director of economic development and innovation, at Downtown Springfield Inc.’s 27th annual awards dinner at the Wyndham Springfield City Centre.
“But, in the coming weeks, we look forward to solidifying a business plan and sharing with you our goals for this downtown innovation district.”
“When your industry, when your businesses grow, we all benefit,” Sommer told the several hundred in the room, which included several downtown business owners.
UIS re-established its downtown presence in August 2018 when it assumed control of Innovate Springfield, a social innovation and business incubator that now houses a hub in the Illinois Innovation Network. That University of Illinois system-led initiative is meant to foster economic growth through research and innovation by connecting hubs around the state to the flagship Discovery Partners Institute, a Chicago-based research institute.
Both institutions say that the project will have a greater impact if they work together along with the surrounding business community.
This article appeared in The State Journal-Register on January 16, 2020.
Read the entire article online.
Monday, July 22, 2019
SIU, UIS, Sangamon County pushing for downtown Springfield ‘mini-campus’
A broad coalition is forming to push for state funding for a joint campus in downtown Springfield, to be shared by the University of Illinois Springfield and Southern Illinois University.
On July 9, Andy Manar hosted a meeting among leaders of SIU, UIS, the University of Illinois, Sangamon County, the City of Springfield and other stakeholders.
“We put several opportunities on the table — what would go in this building and on this campus, including initiatives related to medicine and law, social service, management of governmental intern positions, public health and policy, and so on,” said SIU Interim President J. Kevin Dorsey. “Collaboration between SIU, the School of Medicine and UIS was seen as critical.”
The Springfield university is already seeking to bolster its downtown presence via a new “Innovation Hub,” funded within the University of Illinois’s $500 million Discovery Partners Institute initiative.
“We’ve already engaged in conversations among community leaders to locate UIS’s Innovation Hub in the downtown area,” Van Meter said. “SIU has been a full partner in this process and we hope SIU will establish its own compatible programs in conjunction.”
As for SIU, the most frequently discussed possibility at Thursday’s board meeting was an extension of the Carbondale-based law school, to offer classes, support to law students interning in the capitol, and continuing education for legal professionals. Ultimately, SIU Board Chair J. Phil Gilbert said he’d like to see a satellite law program in Springfield offering a Juris Doctor degree.
“Having a medical footprint and a law footprint here in Springfield is pretty powerful,” he said. And with SIU leaders stressing they don’t intend to duplicate UIS programs, the Springfield school appears enthusiastic about collaboration.
This article appeared in The Southern Illinoisan on July 18, 2019.
Read the entire article online.
On July 9, Andy Manar hosted a meeting among leaders of SIU, UIS, the University of Illinois, Sangamon County, the City of Springfield and other stakeholders.
“We put several opportunities on the table — what would go in this building and on this campus, including initiatives related to medicine and law, social service, management of governmental intern positions, public health and policy, and so on,” said SIU Interim President J. Kevin Dorsey. “Collaboration between SIU, the School of Medicine and UIS was seen as critical.”
The Springfield university is already seeking to bolster its downtown presence via a new “Innovation Hub,” funded within the University of Illinois’s $500 million Discovery Partners Institute initiative.
“We’ve already engaged in conversations among community leaders to locate UIS’s Innovation Hub in the downtown area,” Van Meter said. “SIU has been a full partner in this process and we hope SIU will establish its own compatible programs in conjunction.”
As for SIU, the most frequently discussed possibility at Thursday’s board meeting was an extension of the Carbondale-based law school, to offer classes, support to law students interning in the capitol, and continuing education for legal professionals. Ultimately, SIU Board Chair J. Phil Gilbert said he’d like to see a satellite law program in Springfield offering a Juris Doctor degree.
“Having a medical footprint and a law footprint here in Springfield is pretty powerful,” he said. And with SIU leaders stressing they don’t intend to duplicate UIS programs, the Springfield school appears enthusiastic about collaboration.
This article appeared in The Southern Illinoisan on July 18, 2019.
Read the entire article online.
Monday, March 18, 2019
Susan Koch: Economic development for the public good
The following is an excerpt from a column by University of Illinois Springfield Chancellor Susan Koch. This column appeared in The State Journal-Register on March 16, 2019.
Since its first graduates completed their degrees in 1971, the University of Illinois Springfield has been a launch pad for professional and personal success for thousands of alums — many of whom identify their UIS experience as central to their own well-being and social mobility.
But UIS and the entire University of Illinois system is also a public good — one that is increasingly indispensable across the entire state and beyond.
What does this commitment mean for UIS, for Springfield and for Central Illinois? Plenty!
As some SJ-R readers will recall, UIS recently acquired Innovate Springfield, the downtown business incubator founded by the Community Foundation for the Land of Lincoln. Thanks in part to financial investments by the Foundation, the City of Springfield, and the Land of Lincoln Economic Development Corporation (as well as matching funds from the UI system), Innovate Springfield is becoming a catalyst for economic development in the region — a place where ideas and startups can ignite and expand.
According to Executive Director Katie Davison, the new alignment with UIS is already producing impressive results. “Since becoming part of UIS, Innovate Springfield has grown to serve 64 members today, including 14 UIS students,” says Davison.
“We’re providing members with access to legal and financial consulting, workshops and mentors, as well as a creative environment that is nurturing both new business success and innovation.”
“We have more activity and energy in the space every day,” she continues, “and we’re becoming a bridge between the University and the business community that provides clients with better access to the intellectual capital the University has to offer.”
In joining UIS, Innovate Springfield has also been announced as a hub of the UI’s Illinois Innovation Network (IIN) — a system of interconnected university-community-industry-based hubs throughout the state.
The Network will be anchored by the Discovery Partners Institute (DPI) in Chicago that will coordinate efforts and initiatives statewide. The Illinois General Assembly appropriated funding to help launch the DPI/IIN last spring.
UIS is expected to receive part of that funding, and conceptual planning and design is now underway for a downtown Innovation Center that will include an expanded Innovate Springfield and other related activities.
Bruce Sommer, the University’s new Director of Economic Development and Innovation, is part of the intellectual capital being invested in this exciting project. A Springfield native who grew up in successful local businesses including Harper Oil Company, Bruce left Illinois after college and spent several years on the East coast as a venture capitalist and angel investor.
“When I came back to Springfield, I simply didn’t see the entrepreneurial culture I was used to on the East Coast,” says Sommer. “Innovate Springfield and the Springfield hub will provide that culture and will enable us to start new companies, which in turn can attract a wealth of talent and opportunity.”
In addition to teaching entrepreneurship classes on campus and at Innovate Springfield, Sommer is fostering the development of local university-business partnerships to create the capacity for Springfield to be a vital and sustainable hub in the statewide network.
Keenan Dungey is another essential asset for the project. A graduate of the University of Michigan and professor in the UIS Department of Chemistry, Dr. Dungey leads Research and Institutional Effectiveness for the University.
“Thirty UIS faculty are already engaged in system-wide DPI working groups focused on key themes including: Computing and Data, Environment and Water, Health and Wellness, and Food and Agriculture,” says Dungey.
“The intellectual capital this project is harnessing is tremendous,” he continues, “and it is providing new ways for us to intentionally reach outward and consider how faculty, students and programs can be stronger assets for our local community and across the state.”
Innovation is the driver of economic development and now is the time to expand our thinking about what is possible for a more prosperous future.” ... and that’s a public good we need for Springfield and for Central Illinois!
Read the entire article online.
Since its first graduates completed their degrees in 1971, the University of Illinois Springfield has been a launch pad for professional and personal success for thousands of alums — many of whom identify their UIS experience as central to their own well-being and social mobility.
But UIS and the entire University of Illinois system is also a public good — one that is increasingly indispensable across the entire state and beyond.
What does this commitment mean for UIS, for Springfield and for Central Illinois? Plenty!
As some SJ-R readers will recall, UIS recently acquired Innovate Springfield, the downtown business incubator founded by the Community Foundation for the Land of Lincoln. Thanks in part to financial investments by the Foundation, the City of Springfield, and the Land of Lincoln Economic Development Corporation (as well as matching funds from the UI system), Innovate Springfield is becoming a catalyst for economic development in the region — a place where ideas and startups can ignite and expand.
According to Executive Director Katie Davison, the new alignment with UIS is already producing impressive results. “Since becoming part of UIS, Innovate Springfield has grown to serve 64 members today, including 14 UIS students,” says Davison.
“We’re providing members with access to legal and financial consulting, workshops and mentors, as well as a creative environment that is nurturing both new business success and innovation.”
“We have more activity and energy in the space every day,” she continues, “and we’re becoming a bridge between the University and the business community that provides clients with better access to the intellectual capital the University has to offer.”
In joining UIS, Innovate Springfield has also been announced as a hub of the UI’s Illinois Innovation Network (IIN) — a system of interconnected university-community-industry-based hubs throughout the state.
The Network will be anchored by the Discovery Partners Institute (DPI) in Chicago that will coordinate efforts and initiatives statewide. The Illinois General Assembly appropriated funding to help launch the DPI/IIN last spring.
UIS is expected to receive part of that funding, and conceptual planning and design is now underway for a downtown Innovation Center that will include an expanded Innovate Springfield and other related activities.
Bruce Sommer, the University’s new Director of Economic Development and Innovation, is part of the intellectual capital being invested in this exciting project. A Springfield native who grew up in successful local businesses including Harper Oil Company, Bruce left Illinois after college and spent several years on the East coast as a venture capitalist and angel investor.
“When I came back to Springfield, I simply didn’t see the entrepreneurial culture I was used to on the East Coast,” says Sommer. “Innovate Springfield and the Springfield hub will provide that culture and will enable us to start new companies, which in turn can attract a wealth of talent and opportunity.”
In addition to teaching entrepreneurship classes on campus and at Innovate Springfield, Sommer is fostering the development of local university-business partnerships to create the capacity for Springfield to be a vital and sustainable hub in the statewide network.
Keenan Dungey is another essential asset for the project. A graduate of the University of Michigan and professor in the UIS Department of Chemistry, Dr. Dungey leads Research and Institutional Effectiveness for the University.
“Thirty UIS faculty are already engaged in system-wide DPI working groups focused on key themes including: Computing and Data, Environment and Water, Health and Wellness, and Food and Agriculture,” says Dungey.
“The intellectual capital this project is harnessing is tremendous,” he continues, “and it is providing new ways for us to intentionally reach outward and consider how faculty, students and programs can be stronger assets for our local community and across the state.”
Innovation is the driver of economic development and now is the time to expand our thinking about what is possible for a more prosperous future.” ... and that’s a public good we need for Springfield and for Central Illinois!
Read the entire article online.
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