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ISU's Research Park Provides Economic Boon to Iowa
A recent study by Iowa State University researcher David Swenson suggests the ISU Research Park's substantial and diverse economic activity bolsters Iowa's economy. Focusing on current tenants, Swenson's research shows that the park links directly to almost $88 million in total industrial output. Businesses that provide goods and services to park customers and employees are said to generate an additional $46.3 million in economic activity.
Park administrators commissioned the Iowa State Department of Economics to complete the analysis to measure current economic value created by the park's companies and centers. The park has tracked growth by employment and new business starts for more than 10 years; however, it has never studied its overall economic impact.
Wages paid by park companies exceeds $36 million annually, according to the data. An additional $16.9 million in wages are generated by businesses providing goods and services to park firms. Park tenants employ more than 900 Iowans. Another 639 central Iowa jobs are generated by businesses providing goods and support services to the firms. Research Park tenants generate an estimated $3.7 million in state taxes, primarily through income and sales tax.
Established in 1987, the nonprofit ISU Research Park acts as an incubator for entrepreneurs and firms and operates under a Board of Directors. It currently is home to 43 private and public firms engaging in research, product development and testing of goods, technologies and services, with more than 270,000 sq. ft. of building space.
The ISU Research Park and its affiliated centers, the Pappajohn Center for Entrepreneurship and the Small Business Development Center, are a part of Iowa State's economic development system. The ISU study does not include affiliate companies that utilize services at the park but are not physically located there. It also does not include companies that have left the park and relocated in Iowa.
Many of the research park's companies are young in their evolution, said Steve Carter, director of the park. It will take several years and substantial investment for the companies to contribute their full potential to the Iowa economy, he said.
To obtain a copy of the ISU Research Park impact study, contact Judi Eyles at eyles@iastate.edu.
Iowa