Michigan's University Research Corridor generates $15.5B in economic impact
Michigan's University Research Corridor (URC) generated $15.5 billion in economic impact, exceeded $2 billion in research expenditures and awarded more than 31,600 degrees in one year, according to a new Economic Impact Report.
The URC - consisting of Wayne State University, Michigan State University, and the University of Michigan - saw its research and development (R&D) spending grow by 43 percent from 2007 to 2011. Its growth rate topped six other major university research clusters, including well-known hubs such as North Carolina's Research Triangle Park.
The report, prepared by the Anderson Economic Group, showed that the URC universities conferred more graduate and undergraduate degrees in 2011 than any of the other university innovation clusters, and granted the second-highest number of high-demand degrees overall.
Since 2002, the three URC universities have cultivated 149 start-up companies, including 18 in 2011.
"The three URC universities constantly are striving for excellence in their joint goals of educating students, attracting talented workers to Michigan, supporting innovation and encouraging the transfer of technology to the private sector," said President Allan Gilmour. "Our efforts should encourage even more start-ups in the future."
The URC Economic Impact Report is online at www.urcmich.org.