2024 Economic Impact Report
Overview
As a result of the above activities, the 6-county region in south central Illinois and the balance of the state realize the following economic gains:
| Output | Employment | Employment Compensation | Public Revenues | |
|---|---|---|---|---|
|
Operations & Employment Compensation |
$299.7 MM |
3,905.7 positions |
$150.7 MM |
$43.2 MM |
|
Average Annual Capital Improvement |
$9.0 MM |
52.7 positions |
$3.6 MM |
$826 K |
|
Student Expenditures |
$47.2 MM |
462.9 positions |
$17.1 MM |
$7.2 MM |
|
Tourism of Non-local Visitors |
$15.6 MM |
125.1 positions |
$5.2 K |
$2.6 MM |
Combined Total |
$371.5 MM |
4,546.4 positions |
$171.4 MM |
$53.8 MM |
Total combined annual changes associated with EIU impact on primary and secondary (6-county and 96-county regions of analysis)
Student Impact
In 2023, EIU had a total annual enrollment of 8,804 students. Among them, 4,956 students (56.3 percent) were enrolled in on-campus classes, while 3,868 students (43.7 percent) were off-campus learners. During that period, annual expenditures for room, board, and miscellaneous living expenses averaged $3,957.43 per student.
|
Output |
Employment | Employment Compensation | |
|---|---|---|---|
| Direct |
$27.9 MM |
359.6 positions |
$11.1 MM |
| Indirect |
$5.9 MM |
32.6 positions |
$1.6 MM |
| Induced |
$7.6 MM |
45.5 positions |
$2.3 MM |
Total |
$41.3 MM |
437.7 positions |
$15.1 MM |
Economic impacts associated with annual expenditures of on-campus and off-campus students at Eastern Illinois University on the 6-county primary region of analysis.
Annuitant Impact
Another component with which Eastern Illinois University contributes to the Illinois economy is through annualized annuity payments to retired EIU employees. During FY 2023, the University recognized more than 1,289 past employees as retirees residing in Illinois. This group received annual annuities totaling $56.8 MM. The group’s median and mean annuity was $34,046 and $44,028, respectively. The $56.8 MM was modeled as an increase in household income. Pensions are treated like income when withdrawn (i.e., subject to income tax only, no Social Insurance tax) since the main reason most of us put money into a retirement account is so that we can live off of those funds upon retirement.
|
Output |
Employment | Employment Compensation | |
|---|---|---|---|
| Induced |
$70.5 MM |
358.9 positions |
$23.8 MM |
Total |
$70.5 MM |
358.9 positions |
$23.8 MM |
Economic impacts associated with annual EIU retiree income on the Illinois economy.
Economic Impact Brief