Around $1 billion from Arizona's three public universities has been injected into the state's economy. Arizona Board of Regents has arrived at this figure after conducting a survey of its universities.
The survey was focused on research spending, and its economic, social and scholarly impact on the society.
Last year, through research projects, Arizona's three public universities helped create 15 different start-up companies, made nearly 400 invention disclosures and issued 47 U.S. patents and public-private partnerships.
"Research at Arizona's public universities provides an enormous benefit to our community and the world around us," said Regent Rick Myers, chair of the Arizona Board of Regents.
Myers said that the knowledge developed through research activities results in inventions, patents and start-up companies, which create millions of jobs for the society.
Arizona Board of Regents hopes to continue to boost its state economy through university research activities.
Recently released figures also show that although the universities experienced state funding cuts, research spending increased by 17 percent at Arizona State University and eight percent at other colleges.
The Arizona Board of Regents is the governing body of Arizona's public university system, which comprises of Arizona State University, Northern Arizona University, and University of Arizona along with its branches.
Fiscal Year 2013-14 might prove more beneficial to Arizona's state universities as Gov. Jan Brewer has proposed $58 million in additional funding for the universities, with ASU obtaining the maximum share.
