In Fiscal Year 2013-14, the university added $176.8 million in additional income to the local economy. That’s according to the study conducted by Economic Modeling Specialists International (EMSI), a nationally known research firm who has conducted more than 1,200 economic impact studies for colleges and universities across the country.
“We’ve always known UIS has a large impact on the community in many different ways,” said UIS Chancellor Susan J. Koch. “This study shows just how great the economic impact is on Sangamon County in particular.”
The study found UIS’ greatest impact results are from the education and training it provides for local residents. Thousands of UIS alumni are employed in Sangamon County. During the analysis year, UIS alumni generated $95.5 million in added income.UIS employees and students are also helping to bolster the economy. The University employed 1,129 employees during FY 2013-14. University payroll amounted to $67.1 million, much of which was spent in Sangamon County.
Approximately 20% of UIS students relocated to Sangamon County to attend the university. Overall, those students spent $5.9 million in added income that would not have been generated without the university.
“We know this is only a fraction of the actual amount contributed to the local economy by the total UIS student population. Many of our students commute from surrounding counties, spending money while in the area,” said Koch.
The study finds UIS is not only helping to create jobs on campus, but in the community. Overall, the added income created by UIS and its students supports 2,981 full-time average-wage jobs in the county.
The study also measured the university’s return on investment for students and taxpayers. For every $1 spent on a UIS education by students they will gain $3.20 in added lifetime income.
“A college degree is still a very good investment. The stream of higher future wages that graduates receive in return for their educational investment continues to grow throughout their working lives with bachelor’s degree completers in Sangamon County earning on average $63,300 at the midpoint of their careers, $29,900 more per year than a county resident with only a high school diploma,” said Koch.
UIS is also a good investment for taxpayers. For every state and local taxpayer dollar spent on the university it returns $3.50 in added taxes and public sector savings. The finding represents the net present value of the added tax revenue stemming from the graduates’ higher lifetime incomes and the increased output of businesses amounts to $58.6 million in benefits to taxpayers.
EMSI utilized data provided by the university, the U.S. Bureau of Labor Statistics, the U.S. Census Bureau, mathematical formulas, and research data to determine the overall economic impact.
For more highlights of the UIS Economic Impact Survey and to read the full report visit www.uis.edu/impact/.
Questions about the report may be directed to Derek Schnapp, UIS director of Public Relations at 217/206-6716 or dschn3@uis.edu.
No comments:
Post a Comment