Describing the impact of universities can be challenging for both higher education and Technology-Based Economic Development (TBED). Two new reports demonstrate the importance of higher education institutions to a local economy.
Two recent reports, one by the Atlanta Regional Council for Higher Education (ARCHE) and the other by the Iowa Board of Regents, utilize different approaches to help communicate the importance of higher education institutions to a local economy.
The ARCHE report combines economic development statistics derived from input-output analysis with the personal stories of seven individuals who in some form are heavily influenced by the presence of the 49 degree-granting, accredited higher education institutions located in the Atlanta region. The report emphasizes the economic and social impact that the region's universities have on hundreds of thousands of individuals and the state of Georgia.
From the press release: "The report, 'How the Atlanta Region's Colleges and Universities Are Enriching Georgia,' brings together data from Atlanta-area private and public institutions and shows a spending impact from the institutions, their students, employees and visitors of more than $9.2 billion a year. Spending on capital improvements adds another $1.5 billion impact in Georgia."
...Each year, the Iowa Board of Regents collects quantifiable information about the sources for external research support and the technology transfer production at the state's three public universities. For the most recent fiscal year, the total sponsored funding for research at these universities was $442 million. During the same period, Iowa State University, the University of Iowa and Northern Iowa University were responsible for 235 patent applications, 80 new patents, $24.62 million in royalty and fee income, and $44.79 million in revenue from Iowa companies as a direct result of university technologies.
[Thanks to SSTI and the SSTI Digest for the summary of the reports.]
Thanks to SSTI Digest