University Research Corridor (URC), comprised of Michigan State University, the University of Michigan, and Wayne State University, is responsible for generating $15.5bn for the US state in 2011, according to a recently conducted economic impact report.
The figure was $2.6bn more (or 20% higher) than a similar report conducted in 2007. The URC was also responsible for more than 74,000 direct and indirect jobs statewide, and boosted tax intake for Michigan by $375m in 2011.
During the year, the URC backed 18 start-up firms, ranking it behind only Southern California and Massachusetts university innovation clusters, and bringing its total start-ups to 147 since 2002.
The URC also said in a press release that it had seen its research and development spending grow by 43% between 2007 and 2011 to over $2bn, and for every dollar the state invested in the three universities, Michigan saw $17 in economic benefits. The URC said in its release that the results demonstrated that URC is “at or near the top of seven university innovation clusters in the U.S”.
Wayne State University president Allan Gilmour, said: “The three URC universities constantly are striving for excellence in their joint goals of educating students, attracting talented workers to Michigan, supporting innovation and encouraging the transfer of technology to the private sector. Our efforts should encourage even more start-ups in the future.”
