Various activities operated under Michigan's University Research Corridor (URC) have resulted in a $15.5 billion economic impact across the state. It also surpassed $2 billion in annual research expenditures and generated around $375 million in tax revenue in 2011.
The URC was also responsible for conferring 31,683 degrees and developing 74,000 direct and indirect jobs for the year. As a result, Michigan's URC is ranked the best among the other research conglomerates present in the country.
The URC is a research conglomerate, developed by three leading universities - Michigan State University, Wayne State University and the University of Michigan. Through its collective capabilities, URC aims to improve the state's economy.Around 149 start-up companies have been developed by the URC since 2002, among them, 18 were created in 2011.
"Michigan's URC is making a real difference in creating talent for Michigan companies, and doing more research and development every year," URC executive director Jeff Mason said in a statement. "The report shows the URC stacks up well against its peers."
Other findings of the Sixth Annual Impact Report includes:
- URC saw its research spending grow by 43 percent from 2007 ($1.369 billion to $2 billion).
- The generation of $15.5 billion in state economic activity is an increase of 20 percent ($12.86 billion) during the same time period.
- The tax revenue also saw an increase of $24 million from $351 million in 2007.
- For every dollar spent in the three URC universities, it saw $17 in economic benefits.
Michigan State University President Lou Anna K. Simon said that the universities are working hard to expedite state's economic growth.
"Michigan's economic success is vital to our students' ability to get good jobs when they graduate," Simon said. "We're deeply committed to continuing our efforts to help Michigan's businesses innovate and grow by providing the research and talent they need."
University of Michigan President Mary Sue Coleman said that inventions and technologies created by the faculty also contributed to the state's economic success.
"Our graduates are key to strengthening and expanding Michigan's economy. Equally powerful are the inventions and technologies developed by faculty from a diverse range of fields," Coleman said.
