Michigan universities have some news to be proud of thanks to the 9th Annual Economic Impact & Benchmark Report. Michigan’s University Research Corridor, which consists of Michigan State University, University of Michigan and Wayne State University, contributed $17.5 billion to Michigan’s economy in 2015. This is an increase of $700 million over the previous year.
“Michigan’s leading research universities continue to advance in research and direct economic impact on every county in the state,” said URC Executive Director Jeff Mason. “The 9th Annual Economic Impact Report demonstrates the collective power of the URC universities, which are highly competitive with the most respected clusters in the country.”
The URC is one of the nation’s top research groups in Michigan, ranking highly in the transfer of research and development, surpassing its five-year average for the number of patents issued, licensing and options activity, and invention disclosures, for the third straight year.
“The URC continues to lead the country in talent creation, producing graduates in medical fields and advanced degree programs at a higher rate than every other university cluster,” said University of Michigan President Mark Schlissel. “Our immense pool of talent helps drive the economy and makes Michigan a more attractive place to live and do business.”
The report adds that for every dollar the state invested in the three URC universities; Michigan saw $22 in economic benefits, according to the report.
“Our three universities take research out of the lab and into the market, keeping jobs and investment dollars here in our backyard,” said Wayne State University President M. Roy Wilson. “Not only is world class research taking place within the walls of our institutions, the URC’s entrepreneurial graduates are extending that reach to drive business results in the state.”
Since 2002, 188 start-up companies, including 71 which have formed in the past five years, were cultivated through the URC.
The report also includes a breakdown of the URC’s economic impact in 10 regions statewide, including the effect of the additional money URC alumni living in Michigan, earn because of their university degrees. As of summer 2015, the URC universities had more than 1.2 million alumni worldwide. The 629,000 alums living in Michigan account for more than 9 percent of the state’s population over age 24.
All numbers aside, the tremendous impact being made in part by Wayne State University is something all Warriors should be proud of as they continue to support Michigan’s economy.
Originally posted on The Odyssey.
