Michigan universities contribute $23.9 billion to the Michigan economy by 2023

The University Research CorridorThe alliance between the University of Michigan, Michigan State University and Wayne State University is estimated to generate $23.9 billion in in-state investments by 2023. 2023 URC Economic Report For every dollar invested in the three Michigan universities, 24 dollars are put back into Michigan’s economy.

Established in 2006, the URC brought together the three universities into one established research group, focusing on academic research and economic development in Michigan. URC has made advances in industries such as sustainability, artificial intelligence, life and health sciences, and advanced manufacturing.

In 2022, universities conducted valuable life science research and development initiatives $1.64 billion. Over the past five years, these companies have undertaken mobility-related research and development projects worth more than $565 million. Overall, URC’s annual research and development spending is $2.87 billion, placing Michigan among the top 10 states in academic research and economic development.

According to a URC Press releaseThis economic impact was greater than the revenue from the 2024 NFL Draft hosted in Detroit.

„For context, the NFL Draft had a net economic impact of $165 million on Detroit,” the report said. The economic impact of the URC would be the same as holding the NFL draft more than 144 times a year across Michigan. Together, URC universities employ nearly 71,000 people — more than the state’s two largest employers, GM and Ford.”

When creating the economic analysis each year, the URC looks at a wide range of expenditures by the three universities in areas including operations and research, resources for students, income from both university employees and alumni who reside in Michigan. However, expenses of companies created by university alumni are not counted when measuring revenue.

READ  Shane De Bo: Labor must seize economic opportunity

According to the press release, the universities in the URC produce more medical professionals than any other university research cluster, more than the other clusters in Massachusetts and California. URC universities awarded more than 2,500 medical degrees last year for the fourth year in a row, a 21% increase in medical degrees over the past decade. In the press release, Brian Peters, CEO Michigan Health & Hospital AssociationHe said Michigan health care has improved significantly because of URC.

„URC has been an important partner in helping to strengthen the health care workforce in our state and across the country,” Peters wrote. „URC’s contributions are vital not only to addressing immediate workforce needs, but also to shaping the future of healthcare delivery and innovation through research partnerships with hospitals across the state.”

In an interview with The Michigan Daily, URC Executive Director Brittany Affolder-Cain said research done by the universities reaches beyond local communities and reaches across the state.

„I’m very passionate and committed to showing how everyone in the state benefits from our institutions and how we benefit from the people of Michigan,” Affolder-Cain said. „If you live in Grayling, you won’t see one of our campuses, but you may be directly affected or a loved one may be affected by our findings.”

Affolter-Caine said the URC serves as a public servant in Michigan, advancing a variety of research programs and advancing the state economically and academically.

„I think that’s somewhat unique to our cluster, one of the best university innovation clusters in the country, by listening to communities’ needs and how they’ve evolved over time,” Affolder-Cain said. „We’re here for the state of Michigan, and some people may not always align, and my job is to communicate that on behalf of these three organizations.”

READ  Why an economic soft landing can be elusive

LSA junior Marisa Sweeney, who participated at UM Undergraduate Research Opportunity ProgramHe told The Daily that the research is helpful because of job creation.

„Research affects the surrounding area,” Sweeney said. „Research creates a lot of work, so one thing that helped me was that I got paid for it.”

Summer News Editor Andrew Baum can be reached [email protected].

Dodaj komentarz

Twój adres e-mail nie zostanie opublikowany. Wymagane pola są oznaczone *