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April 20, 2005
Economic Study Shows State Gets Close to $11 in Return for Every Dollar Spent on Research at Florida Universities
TALLAHASSEE The Florida Board of Governors today released a study that found that for every additional dollar spent on research at Florida's universities the state enjoys almost $11 in increased economic activity.
The economic impact study conducted by the Leadership Board for Applied Research and Public Service also found that the $150 million in Florida tax revenue spent on university research in the 2003-04 fiscal year leveraged an additional $1.2 billion in grants, fees and private expenditures.
The study indicates that over the next 30 years, this investment also generates approximately $218 million in additional tax revenue and supports more than 75,000 jobs in Florida.
"As this study documents, research at Florida's public and private universities is an economic engine for our state," said State University System Chancellor Debra Austin. "Our universities are advancing knowledge, educating young Floridians and creating jobs and tax revenue as well."
Tim Lynch, the lead economist on the study, found that the economic benefits of higher education research far outweigh the state's investment. "This is a tremendous return for the taxpayers," Lynch said. "Each dollar spent on research results in an increase of $10.89 in Florida's gross regional product - that's a significant economic gain."
Carolyn Roberts, chair of the Board of Governors, which oversees Florida's 11 state universities, said the study was the first of its kind. "Until now, there has been no analysis of the economic impact of the more than $1 billion in sponsored research conducted at our universities," Roberts said. "We knew the economic impact was big, but we didn't know how big. These findings are a happy surprise and give clear evidence that the citizens of Florida get a great rate of return when they invest in our institutions."
The findings are based on an analysis of research expenditures from July 1, 2003, to June 30, 2004. The study examined Florida's 11 public universities (the University of West Florida, Florida A&M University, Florida State University, the University of North Florida, the University of Florida, the University of South Florida, New College of Florida, the University of Central Florida, Florida Gulf Coast University, Florida Atlantic University and Florida International University) and five private colleges and universities (the University of Miami, Florida Institute of Technology, Nova Southeastern University, Embry-Riddle Aeronautical University and Bethune-Cookman College).
Copies of the study are available online at http://expertnet.org/. For more information on the study, contact Romeo Massey of the Leadership Board for Applied Research and Public Service at firstname.lastname@example.org, or (850) 644-5357.