The University of Utah pumps millions of dollars and thousands of jobs into the Utah economy, according to a new study. “The Economic Impact of Sponsored Research at the University of Utah” clearly illustrates the financial impact of research spending, which is increasingly important to TTOs as their missions become intertwined with local economic development. According to the independent study, every dollar spent by U-Utah creates an additional 95 cents in gross state product (GSP) — the measure of a state’s overall economic output over a one-year period. Every two jobs supported by research create three new jobs in other industry sectors, the study calculated. “Research conducted at the University of Utah not only advances science, technology, and medicine but also has positive economic effects that are felt broadly outside of academia,” notes Jan Crispin, the study’s author and senior research economist at the Bureau of Economic and Business Research (BEBR) at U-Utah’s David Eccles School of Business.
Crispin used data from U-Utah’s Financial and Business Services to estimate the economic role of research spending on jobs, earnings, gross state product, and tax revenue. The analysis, conducted during the fall of 2009, is based on research expenditures during the university’s 2008 fiscal year. Crispin estimates that every $1 million spent on sponsored research at the university supports 20 jobs in Utah, generates approximately $849,450 in earnings for Utah workers, contributes $1.4 million in GSP, and provides $86,135 in state and local tax revenue. “This new study makes it easy to translate the power of [research] funding, not only for students and research outcomes on campus but also on the economy of the entire state,” says Tom Parks, the university’s vice president for research.
Source: University of Utah News Center