University Research Corridor's economic impact on Michigan is $14.8B

Wednesday, October 13, 2010 | Source: Concentrate

The University of Michigan and its two sister research universities, Wayne State University and Michigan State University, are expanding their economic impact on Michigan, according to a recent benchmark study by the Anderson Economic Group.

Overall economic impact is up from $12.9 billion in 2006 to $14.8 billion in 2009, according to the 2010 Empowering Michigan report. That has helped produce an extra $50 million in state taxes, totaling $401 million -- slightly less than half of what the state spends on its research universities each year.

The three research universities have partnered to create the University Research Corridor, a collaboration between the institutions that will in turn spur more economic growth. The organization has also created a new alliance with Business Leaders for Michigan, one of its goals being to align university research with the state's major business interests.

"We're poised for more significant growth as the economy rebounds," says Jeff Mason, executive director of the University Research Corridor. He adds that the improving economy and efficiencies captured from the new alliances will play critical parts in Michigan reinventing its economic paradigm and further establishing the University Research Corridor as one of the premier R&D clusters in the world.

The University Research Corridor is in the Top 3 for generating patents. Its licensing revenue is double that of the most widely recognized research cluster, the Research Triangle in North Carolina. The combination of Wayne State, the University of Michigan, and Michigan State is also the No. 1 cluster in the U.S. in terms of enrollment, and No. 3 in terms of high-tech degrees.

Source: Jeff Mason, executive director of the University Research Corridor
Writer: Jon Zemke

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