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Study validates economic impact of University Research Park
Published September 21, 2006 - BizTimes Daily
The University Research Park on Madison's west side is a major force in not only local commerce, but a player in the regional marketplace.
That's the conclusion of a new report that says the 22-year-old park contributes more than $680 million to the Badger State economy annually, supports 9,100 jobs on a 225-acre campus and generates local and state tax revenue of more than $46 million each year.
Northstar Economics, an independent consulting firm, prepared the report. The full report is at: www.universityresearchpark.org.
The study said the annual payroll of the 4,155 employees in the park is more than $260 million, or an average salary of $62,000 a year. That figure is significantly higher than the state and county averages of $35,500 and $39,000, respectively.
Mark Bugher, director of park, told WisBusiness.com, "The overall number of $680 million is remarkably large and certainly a hefty contribution. It underscores the importance of technology transfer from UW-Madison to the private sector. It's an endorsement of moving research from academia to the entrepreneurial world."
Tom Still, president of the Wisconsin Technology Council, said the park has been a significant contributor to the Madison and Dane County economies. "It has added thousands of jobs to the Dane County market, all in the past 20 years. It's an example of how 21st Century economies can work," Still said.
For the full story about the University Research Park, visit www.wisbusiness.com, a media partner of Small Business Times.
