CHAMPAIGN, Ill. — The University of Illinois’ three campuses add $13 billion to the state’s economy every year, according to a new study from a campus think tank.
CHAMPAIGN, Ill. — The University of Illinois’ three campuses add $13 billion to the state’s economy every year, according to a new study from a campus think tank. The study, to be released Thursday by the Institute of Government & Public Affairs, found that the university system provides the economy with $4 billion in direct spending — money spent on myriad supplies and services needed by the university, plus salaries for 30,000 faculty members and staff. The study, obtained Wednesday by The Associated Press, said university campuses in Urbana-Champaign, Chicago and Springfield pump another $9 billion indirectly into the state’s economy as their employees spend their salaries and other university money circulates through the economy. There is a total of about 70,000 students across all three campuses. "The view was that the state invests money in the university — what’s the yield? Do we make a positive impact?" said Robert F. Rich, the institute’s director. "The answer is yes." According to the study: —The university creates nearly $1.3 billion in future tax revenue for the state each year while the state spends about $726 million on the three campuses, leaving a net gain of $535 million for the state. —The university system creates 150,000 jobs, directly through campus employment and indirectly through spending. Institute officials planned to present the report to the university’s board of trustees at their regular meeting Thursday in Chicago. Rich said he hopes trustees and university President Joseph White can use it as a tool when asking the General Assembly for funding. The study was conducted by three faculty members who are part of the institute in Urbana. ______ Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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