Economic Impact of University Research Parks
University research, science and technology parks are strong economic engines and contribute to the economic development of local communities, states, and nations. Below are studies that illustrate the economic impact of university research parks.
The systematic development of linked Communities of Innovation greatly influences the economic health of regions, as shown in the reports below. For more information on AURP and university research parks, contact AURP Headquarters.
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The Buffalo Niagara Medical Campus has released its 2018 Impact Report, which highlights their main goals of driving innovation, cultivating an active environment and connecting their community.
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The University of Illinois System (the U of I System) creates a significant positive impact on the business community and generates a return on investment to its major stakeholder groups— students, taxpayers, and society. Using a two-pronged approach that involves an economic impact analysis and an investment analysis, this study calculates the benefits received by each of these groups. Results of the analysis reflect fiscal year (FY) 2016-17.
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Located in the heart of uCity Square, the Science Center is a mission-driven nonprofit that connects scientists, innovators, and entrepreneurs to the capital, talent, and resources needed for any stage of the business lifecycle. This 2018 Annual Review covers the milestones and figures at the Science Center.
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The University of Arizona Tech Parks Arizona seeks strong growth for Arizona's economy after recording a $2 billion impact on the state, according to its annual report.
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The Sandia Science & Technology Park (SS&TP) is a 300+ acre master-planned technology community. Affiliated with Sandia National Laboratories and adjacent to Kirtland Air Force Base, companies have access to world-class facilities, technologies, scientists, and engineers.
The results of an economic impact analysis conducted every two years by the Mid-Region Council of Governments (MRCOG), assessed the Park’s economic impact from its inception in May 1998 through the end of 2015. The new, independent report highlights that the SS&TP has benefitted the local economy for nearly 19 years through job creation, increases in state and local tax revenues, and higher-than-average wages for its employees when compared with the average wage in the Albuquerque metro area.
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The University of Wisconsin-Madison, UW Hospital and Clinics and the university’s affiliated organizations — including the University Research Park — and startup companies support 193,310 Wisconsin jobs and generate more than $847.5 million in state and local tax revenue. That’s up from 128,146 jobs and $614 million in tax revenue the last time a similar study was completed in 2011.
The UW–Madison is the fourth largest research institution in the nation, with awards in 2013 reaching more than $1.1 billion, and has consistently ranked among the top five universities overall for research funding secured from all sources —federal, private and state — for more than 20 years.
UW-Madison research has fostered the formation of at least 311 startup companies in Wisconsin. The startup companies support more than 24,972 jobs and contribute approximately $2.3 billion to the Wisconsin economy, bringing the total estimated economic impact to $15 billion.
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Archived Economic Impact Studies
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An Economic Catalyst for Greater Philadelphia
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