IMEC’s Local and Federal Stakeholders See a Combined $10.06 Return per Dollar
Peoria, IL – February 6, 2020: IMEC enlisted the W.E Upjohn Institute to analyze the overall effect of the organization’s projects on Illinois’ economic development. The analysis found that IMEC’s work has a tremendous impact on the state’s economy, generating a substantial economic and financial return of $10.0:1 for the combined $6M invested by Illinois’ state government and the federal government.
A Favorable Return on Investment
This is a positive update for state and federal stakeholders. The study found that IMEC yields an ROI of $61.8:1 for the state investment. From the $5.3M invested by the federal government, IMEC generated an ROI of $12.0:1. The combined ROI on state and federal combined investments is $ 10.0:1. The study only looks at personal income tax and not business taxes. In addition, the analysis provides a conservative estimate of broader impacts as they are based only on completed surveys and do not include estimates of additional impacts of center-activities for non-respondents.
IMEC’s Contribution to the Future of Illinois Manufacturing
Serving as Illinois’ Manufacturing Extension Partnership (MEP) center, IMEC is a public-private organization that serves small and medium-sized manufacturers to enhance their productivity and organizational efficiencies, positioning them for growth and sustainability. Acting as an extension of a firm’s team, IMEC offers services and solutions that result in measurable outcomes like cost savings, new investments, and improved products and processes that lead to profitability and competitiveness. Ultimately, this improves the economy by retaining and creating new jobs, increasing earnings, and creating more assets to result in a broader tax base.
Positive Impacts of IMEC’s Work on the Illinois Economy
Quarterly, IMEC clients are surveyed using an independent, third-party vendor to obtain a reading of the impact of the services provided. These client-reported outcomes inform the overall impact of IMEC projects on the Illinois economy:
- Jobs created: 1,438
- Jobs retained: 4,842
- Companies Assisted: 763
- Value-added services and projects: 982
- Aggregate impact to Illinois economy: $620.4M
“Our stakeholders are equal champions in helping to take our small and medium-sized manufacturers’ operations to the next level,” said David Boulay, PH.D., President of IMEC. “These manufacturers are much more than products and processes. They are the driving force behind a lot of our communities – the company becomes more efficient and profitable, more jobs are created, earnings increase in the community and stakeholders gain positive returns. It’s a win for all involved.”
Read the full report here.
IMEC is a team of improvement specialists who are dedicated to changing lives and creating a positive impact on Illinois’ workforce and economy. With a mission to drive growth through enterprise excellence, they help organizations become more effective and efficient by identifying issues, developing and implementing solutions and providing the necessary support that will allow them to excel in areas of leadership, strategy, customer engagement, operations, workforce, and measurement and results. In 2019, they assisted 770 companies and created over 4600 jobs, resulting in over $435M aggregate impact to the Illinois economy. IMEC has seven offices statewide and 47 full-time industry improvement specialists. For more information, visit www.imec.org.
IMEC is one of the 51 MEP Centers in the US and Puerto Rico. MEP Centers are part of the MEP National Network, which includes the National Institute of Standards and Technology Manufacturing Extension Partnership (NIST MEP) and over 1000 manufacturing experts at over 400 service locations, with the tools and resources to help US manufacturers succeed and advance US Manufacturing. Being that each Center is a public-private partnership, they can connect manufacturers with government agencies, universities and research facilities, trade associations and many more resources that foster growth and innovation. In 2019, the MEP National Network helped over 28,000 manufacturers and created over 114,000 jobs. Learn more about the MEP.
About the W.E. Upjohn Institute for Employment Research.
The W.E. Upjohn Institute for Employment Research is an activity of the W.E. Upjohn Unemployment Trustee Corporation and was established in 1932 to address issues of unemployment during the Great Depression. The Upjohn Institute is a private, nonprofit, nonpartisan, independent research organization devoted to investigating the causes and effects of unemployment, to identifying feasible methods of insuring against unemployment, and to devising ways and means of alleviating the distress and hardship caused by unemployment. Upjohn’s broad objectives are to: (1) link scholarship and experimentation with issues of public and private employment and unemployment policy; (2) bring new knowledge to the attention of policy makers and decision makers; and (3) make knowledge and scholarship relevant and useful in their applications to the solutions of employment and unemployment problems. Click here for more information about the Upjohn Institute.
Kristy Johns – Marketing Manager