U of I System contributes $17.5 billion annually on Illinois economy
Joseph Park, ECE ILLINOIS
10/11/2018 4:20:36 PM
According to the University of Illinois System's new economic impact study, the University of Illinois System contributes $17.5 billion annually to the state's economy through its academic and research operations, healthcare and entrepreneurial enterprises, and the spending of students, alumni, and visitors.
One out of every 45 jobs in Illinois is supported by the University of Illinois System which impacts more than 171,300 jobs. Students also receive a strong return on investment as they receive $5 in career earnings for every $1 that they spend on their education - a 15.4% annual return. Furthermore, every tax dollar invested in the U of I System returns $2.40, a net 6.4% annual return over the course of a student's lifetime.
For University of Illinois System alumni, the average bachelor's degree graduate will earn $30,300 more annually than a high school graduate, accumulating approximately $1.3 million in career earnings.
The University of Illinois at Urbana-Champaign alone contributes $7.6 billion to the state economy annually, which accounts for 1.1% of gross state product and is larger than the state's arts, entertainment, and recreation industry. The university supports more than 88,000 jobs, accounting for one out of every 89 jobs across the state. For Urbana-Champaign students specifically, for every dollar that students invest in their education, they receive $4.70 in career earnings which is equivalent to a 14.5% annual return.
There are additional ongoing studies that aim to analyze the projected impact of the Discovery Partners Institute and Illinois Innovation Network, statewide research and education initiatives that the University of Illinois System is leading to promote economic growth.
Read more from the economic impact study on the University of Illinois System site.