The University of Illinois at Chicago — Chicago’s largest university with nearly 28,000 students – added $4 billion to the Illinois economy in fiscal 2013, according to a report prepared by the UIC Center for Urban Economic Development.
The center’s researchers measured UIC’s broad impact due to UIC’s educating Illinois residents; its direct contribution through employment and to the tax base; and other campus endeavors that advance economic development or equity.
‘Economic impact’ refers to the added economic value made possible by virtue of UIC’s existence – the number of jobs it created, the value of the goods and services it generated, the amount by which its employees were compensated, and the amount of state and local taxes those employees paid in fiscal 2013.
Economic impact through education
Nearly $3 billion of UIC’s annual economic impact consists of higher earnings by UIC graduates who work in Illinois and earn higher incomes than they would without a degree. In fiscal 2013, UIC granted degrees to more than 3,800 undergraduates, 2,500 graduates and 600 professional students.
Economic contribution through employees’ compensation and taxes
In 2013, UIC employed 13,361 in full-time jobs, from support staff to brain surgeons and nuclear physicists. The university paid $1.2 billion in wages and benefits.
Other economic benefits
UIC provided $139 million in grants and scholarships to students. Much of this aid is need-based, as half of UIC students are eligible for Pell grants and 43 percent are eligible for Monetary Award Program (MAP) grants.
The University of Illinois Hospital & Health Sciences System provided $28 million in charity care.