The development of the Jump Trading Simulation & Education Center will have substantial impact on the Peoria area economy, totaling an estimated $92 million over the next five years, according to a detailed economic analysis by the Center for Business and Economic Research of Bradley University’s Foster College of Business Administration.
These cumulative impacts in the Tri-County area include $59.8 million of direct, indirect and induced regional spending associated with facility construction and $32.2 million of regional economic impacts resulting from direct, indirect and induced operations expenditures impacts, the study concludes.
“The economic impact for central Illinois is significant, however Jump’s most significant influences are yet to be seen and will result from on-going operations, including positive impacts in medical education, health outcomes and the future model of health care by reducing costs and fostering innovations in medicine,” said John Vozenilek, MD, Chief Medical Officer for Jump.
Construction of the six-story building, including the shell for the upper floors, cost approximately $50 million with an additional $19.8 million estimated to complete the top four floors over the next two years.
Over time, Jump is expected to contribute to regional employment growth of 30 to nearly 70 jobs by 2018 – jobs not all employed directly at Jump but a combination of direct, indirect and induced job creation and retention. That employment impact of Jump is projected to generate an estimated $6.7 million of annual earnings, contributing to growth in regional expenditures, and resulting increases in state and local tax revenues of $4.2 million for both the construction phase and on-going operations, also over the first five years of Jump’s operation.
Bob Weinstein, an author of the economic study and Professor of Economics at the Foster College of Business at Bradley University, said the study’s figures were developing using methods and economic-based software that are used and accepted nationally.
“The construction impact in terms of dollars is much larger but that is short-term,” says Weinstein. “The on-going operations, where the dollar value per year is small … also is the most interesting and potentially the most valuable impacts that we can’t quantify at this point. But it’s the educational activities, the types of research and recruitment that will occur – that’s the reason why the simulation center was built.”
Jump is among the largest and most innovative in design of simulation centers. Jump is located in the first two floors of the building and was made possible, in part, thanks to a generous $25 million donation named for Jump Trading, a Chicago-based trading firm, where Bill DiSomma is a managing partner..
Jump Trading Simulation & Education Center is a collaboration of OSF HealthCare and the University of Illinois College of Medicine at Peoria. Located in Peoria, Ill. the virtual medical training center combines actual medical equipment and the latest simulation technology for better education, performance training and research. Jump is a training- and testing-ground for medical innovations and research. Jump’s mission: to improve patient health outcomes and lower health care costs.
The University of Illinois College of Medicine at Peoria (UICOMP) One of four campuses that make up one of the largest public medical schools in the United States, UICOMP educates more than 150 medical students annually and offers 20 graduate medical training programs. UICOMP also is home to the cutting-edge Cancer Research Center and the Center for Outcomes Research. UICOMP physicians provide care to thousands of patients each year.