¾«¶«Ó°Òµ

Operations Spending

• ¾«¶«Ó°Òµ employed 672 full-time and part-time faculty and staff (excluding research employees). Payroll amounted to $73.4 million (excluding payroll from research employees), much of which was spent in the state for groceries, mortgage and rent payments, dining out, and other household expenses. The university spent another $19.8 million on day-to-day expenses related to facilities, supplies, and professional services (excluding research expenditures).
• The net impact of the university’s operations spending added $85.2 million in income to the state economy in Fiscal Year (FY) 2018-19.

Research Spending Impact

• Research activities at ¾«¶«Ó°Òµ impacted the state economy by employing people and making purchases for equipment, supplies, and services. In FY 2018-19, ¾«¶«Ó°Òµ spent $3.1 million on payroll and $7.8 million on other expenses to support research activities.
• ¾«¶«Ó°Òµâ€™s research spending generated $14.5 million in added income for the Illinois economy in FY 2018-19

Student Spending Impact

• Around 8% of students who attended ¾«¶«Ó°Òµ originated from outside the state. Some of these students relocated to Illinois. In addition, some in-state students would have left Illinois for other educational opportunities if not for ¾«¶«Ó°Òµ. 
• The spending from students outside of Illinois generated $6.7 million in added income for the state economy.

Student Perspecitve

• ¾«¶«Ó°Òµâ€™s FY 2018-19 students paid a present value of $23 million to cover the cost of tuition, fees, supplies, and interest on student loans. They also forwent $34.8 million in money that they would have earned had they been working instead of attending college.
• In return for their investment, students received $288 million in increased earnings over their working lives. This translates to a return of $5.00 in higher future earnings for every dollar students invest in their education. Students’ average annual rate of return is 24.3%.

Taxpayer Perspective

• ¾«¶«Ó°Òµ generates more tax revenue than it takes. Taxpayers provided ¾«¶«Ó°Òµ with $40.2 million of funding in FY 2018-19. In return, they benefited from added tax revenue, stemming from students’ higher lifetime earnings and increased business output, amounting to $103.5 million. A reduced demand for government-funded services in Illinois adds another $15.8 million in benefits to taxpayers.
• For every dollar of public money invested in ¾«¶«Ó°Òµ, taxpayers receive $3.00 in return, over the course of students’ working lives. The average annual rate of return for taxpayers is 11.9%.

Social Perspective

• For every dollar invested in ¾«¶«Ó°Òµ in FY 2018-19, people in Illinois will receive $7.10 in return, for as long as ¾«¶«Ó°Òµâ€™s FY 2018-19 students remain active in the state workforce. 

The results of this study demonstrate that ¾«¶«Ó°Òµ created value from multiple perspectives. 

• Business: The university benefits state businesses by increasing consumer spending in the state and supplying a steady flow of qualified, trained workers to the workforce. 
• Students: ¾«¶«Ó°Òµ enriches the lives of students by raising their lifetime earnings and helping them achieve their individual potential. 
• Taxpayers: The university benefits state and local taxpayers through increased tax receipts and a reduced demand for government-supported social services. 
• Statewide: ¾«¶«Ó°Òµ benefits society as a whole in Illinois by creating a more prosperous economy and generating a variety of savings through the improved lifestyles of students.