CUPB analyzes economic impact study

The Daily Eastern News

Kalyn Hayslett, Editor-in-ChiefMarch 4, 2017Filed under News 
A packet filled with statistically data addressing Eastern’s economic impact on the county, the region and the state of Illinois was presented during the Council on University Planning and Budgeting’s meeting Friday.
Paul McCann, interim vice president of business affairs, said an outside consulting firm was responsible for organizing and collecting the data for the “Eastern Illinois University Impact Study,” which took over a year to assemble.
The final document will be completed and distributed by March 8 and March 9.
The university used donated money to hire the consultants and it did not cost anything but time McCann said.
The report consists of 18 pages with statistically data however McCann highlighted the multiplier effect.
“Somebody that works at the university takes their earnings and they go out and spend it in the community by spending it in the community that creates jobs out there so instead of having one job you have two jobs then that person spends additional (money) so you get a third job,” McCann said. “It all comes down to the money that someone earns at the university where it goes.”
The multiplier effect shows how much the employees, staff and students contribute financially to the surrounding area and the state as whole.
“Our budget is somewhere between 214 million and 215 million so you talk about a multiplier. Well they ended up in this study saying it’s about two plus roughly; 214 million budget compared to a half a billion level of impact,” McCann said. “From the stand-point of the state, in 2015, they put about 40 million in to us they are getting somewhere around 10 times as much out of it to further our economy.”
The purpose of the study is to show that Eastern is a good investment for the state because it significantly helps the local and state economy.
“So it’ ...

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