News - GU Adds $92M Annually to Illinois Economy, Study Reports
GU Adds $92M Annually to Illinois Economy, Study Reportsby Rachel Heston-Davis
A new study of GU’s economic impact reveals that the University benefits far more than just the student population. The local and statewide economies reap the benefits of a good neighbor like GU, to the tune of $92 million annually. This includes an estimated 670 Illinois jobs supported by the University’s economic impact.
The study, conducted by Philadelphia-based firm Econsult Solutions, Inc., and commissioned by the Council for Christian Colleges and Universities (CCCU), breaks down the numbers to show how GU impacts the Illinois economy.
Annual Operations: $37M. The University purchases goods and services through local and state resources. University employees also spend locally.
Capital Investments: $4M. Construction and renovation support jobs and create demand for goods and services.
Ancillary Spending: $2M. Students and university visitors comprise a large customer base for local businesses.
Wage Premium: $49M. College graduates earn higher average salaries and generate greater tax revenues than high school only graduates. About half of GU grads remain in Illinois.
The study detailed more than economic boosts. It also revealed significant social impact on the region from the activities of the University.Based on the results of the study, Econsult Solutions reports that the University generates $2.6 million in tax revenue for the State of Illinois each year. Economic activity connected to the University also grows the region's tax base.
- GU students tutor and volunteer at public schools and participate in youth outreach programs.
- GU students and employees volunteer with local nonprofit organizations.
- The University’s prison initiative facilitates learning and recreation for incarcerated individuals.
- The new Greenville SMART initiative will support local businesses and entrepreneurs.
Such service initiatives reflect GU's commitment to producing students of high character who serve the world around them. GU President Ivan Filby notes the dedication of students who work to impact their community and region.
“Time and again I see students align themselves in Jesus’ name with causes that transcend ‘self.'...Our students, even freshmen, value purpose and calling to do a good work.”