R&D Expenditure By Research Universities Helps Drive the Economy
R&D by universities can help solve global challenges through a collaborative, world-class research environment. R&D is of key importance for Indiana’s economy, with the state’s three largest research universities contributing directly and indirectly to all 92 counties. Indiana University, Purdue University and the University of Notre Dame are all ranked in the top 150 universities according to the Times World University Rankings. Together, they produce annual research expenditures of approximately $1.3 billion. This spending drives the economy forward and is necessary for developing advanced technology-based economies, which results in high-paying jobs. Jobs created from R&D activity include those for both university and contracted employees as well as jobs being sustained indirectly. Many US states are beginning to create economic strategies that are partially focused around their universities R&D capabilities.
Of course, Indiana’s private company R&D is also an enormous contributor to the state, with expenditure making up around $6.2 billion p.a. According to the National Science Foundation, the state ranks 17th in the US for overall R&D expenditure, 16th for research funding at public universities, 17th for research funding at private universities and 15th for industry R&D spend.