What is an Economic and Fiscal Impact Study?
An economic and fiscal impact study analyzes how a project or activity affects jobs, income, and economic output, as well as government revenues (like taxes) and expenditures. It uses economic modeling to capture direct effects (initial spending), indirect effects (supply chain activity), and induced effects (household spending), showing both the overall economic contribution and whether the project is a net benefit for public budgets. This helps policymakers and investors make informed decisions about projects, policies, or investments.
Completed Economic and Fiscal Impact Studies
“Illinois partnership with the JJK Foundation in St. Clair County set to provide more than $32 million in labor income creation throughout the state of Illinois by 2026”
Jan. 2023: The Prairie Research Institute
“The Prairie Research Institute (PRI) at the University of Illinois Urbana-Champaign has had a positive direct economic impact on Illinois’ economy valued at $667 million for years 2018–2022 and has provided more than 5,300 full-time jobs in the state, according to a recent analysis at a U. of I. research center.”
Aug. 2021: The Illinois Autonomous and Connected Track
“Over the next 30 years, the Illinois Autonomous and Connected Track is estimated to bring in $3.53 billion for the state’s economy, $483 million in total tax revenue between local, state and federal governments, and also deliver more than 23,000 full-time jobs (direct and indirect) to the area”.
May 2017: Blue Waters
“The study finds that the Blue Waters project—which is a joint investment between the State of Illinois, the University of Illinois, the National Science Foundation (NSF), and related activities funded by the university, NSF and other federal agencies—has a projected $1.08 billion direct economic impact on Illinois’ economy and will have created 5,772 full-time equivalent employment over the project’s lifespan (October 2007 – June 2019).”