Fermilab's Annual Economic Impact: $452 Million

Fermilab’s Annual Economic Impact: $452 Million

/ December 19, 2019 / Comments Off on Fermilab’s Annual Economic Impact: $452 Million / Business, Communities, Consumers, Development, Education, Employment, Energy, Events, Government, Jobs, Local Economy, State of Illinois

The results of a study on Fermilab’s economic impact in Illinois are out, and they demonstrate its substantial impact on the state, including job creation, procurement of goods and services, and increased earnings for Illinois households.

Anderson Economic Group LLC conducted the study, based on fiscal year 2018 data.

As the United States’ premier particle physics and accelerator laboratory, Fermilab seeks to solve the mysteries of our universe at its most fundamental level. Located in Batavia, the lab designs and builds the world’s most advanced particle accelerators, detectors and computing facilities to dig down to the smallest building blocks of matter and probe the farthest reaches of the universe.

Scientists from across the United States and more than 50 countries use Fermilab’s scientific facilities, and its education, outreach and tour programs reach approximately 100,000 students and adults annually.

Jobs, Jobs, Jobs

Fermilab has a direct impact on the Illinois economy by employing workers (1,922), purchasing goods and services ($63 million) and bringing in overnight visitors ($3.2 million).

Each dollar spent by Fermilab and its visitors also has an indirect impact by supporting additional business activity, jobs and payroll.

The recently released report found that Fermilab has a total annual economic impact in Illinois of $452 million, and its activities created more than 5,300 jobs across the state, increasing Illinois households’ earnings by nearly $343 million.

Fermilab spent $63 million to procure goods and services from Illinois businesses in 2018. More than half of that spending — $34 million — went to small businesses, and $10 million went to minority-owned businesses.

Major new construction and research projects, including the flagship Long Baseline Neutrino Facility/Deep Underground Neutrino Experiment and the PIP-II accelerator upgrade, are expected to increase Fermilab’s economic impact even further in the coming years.

Fermilab’s direct impact on the Illinois economy remains significant. In 2018, the lab employed more than 1,900 people. In addition, it brought in roughly 2,000 U.S. and international visitors who stayed in the area overnight and directly contributed $3.2 million to the local economy.

As each dollar spent by Fermilab and its visitors enters the economy, it supports additional business activity, jobs and payroll across the state, leading to even bigger economic benefits.

Fermilab’s economic benefits to Illinois are summarized in this fact sheet, and there is also a webpage with this information.

Fermilab is a DOE national laboratory funded by the Office of Science.

SOURCE: Fermilab news release

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