Site & Buildings DatabaseEconomic Impact of Bradley University Students
Economic Impact of Bradley University and its students and faculty on Central Illinois
On a broad level, Bradley University is a distinct competitive advantage for Central Illinois. As the emerging economy is based on knowledge, information, and technology, having a nationally-recognized university provides a great deal of human capital and is an engine for innovation and growth. Professors contribute through research and consulting, but students also spur growth and stability as they spend their dollars in town and work for local firms when they graduate.
Many believe that the clustering of information and human ability is a powerful driver of economic growth, and Bradley and its centers (like the Institute for Principled Leadership and Public Service, the Center for Business and Economic Research, and the Small Business Development Center) contribute information and act as a catalyst for community action. Bradley is a huge employer for our region, and their workforce includes 300 full-time faculty. In addition, their students are placed in internships and jobs, driving the economy, gaining experience, networking with employers, and putting down roots in the community. Finally, Bradley brings a great deal of culture and entertainment to Central Illinois: the sporting events are a community draw and artistic events like concerts and plays enrich the community.
From a demographic perspective, Bradley becomes the most densely populated area in Peoria when its 6,000 students are in session, making the West Bluff a vibrant, bustling area of the city. From a retail perspective, those 6,000 students are buying groceries and other consumer products, going to movies, spending on nightlife, and purchasing supplies for the apartment or dorm. This provides a large economic boost to our area, as one study states that the nation’s record 13.6 million college students are projected to dole out a record $237 billion on consumer spending this year. This study suggests that the college demographic is primarily concerned with allocating their dollars to socially responsible companies and green products. Another study finds that the average student intends to spend $599.38 on individual back-to-school shopping. This includes spending on electronics, clothing, furnishings, and school supplies. Importantly, our community should realize that our students’ impact market dynamics and we should be careful to understand their wants and needs in order to provide a desirable college environment and maximize retail returns.
