PURDUE SERVES AS ECONOMIC DEVELOPMENT ENGINE
BYLINE: US States News
DATELINE: WEST LAFAYETTE, Ind.
Purdue University issued the following news release:
Purdue University had a $2.94 billion impact on Indiana's economy for 2004-05, according to data compiled by the university.
Purdue's combined institutional and student spending directly and indirectly generated more than 44,000 jobs and $1.42 billion in income throughout Indiana for a total economic output of more than $2.9 billion in the state. Purdue employs more than 17,500 people, which ranks fifth in the state, spending $678 million in salaries and wages on the West Lafayette campus and $808 million systemwide.
Purdue President Martin C. Jischke said making a positive economic impact is just one of the ways Purdue serves the community and state.
"We believe Purdue belongs to the people of Indiana and that our mission is to improve their lives and brighten their futures," Jischke said. "Serving as an economic partner to the state and ensuring its continued prosperity go hand-in-hand with educating our students to prepare them for productive careers and community leadership."
For every $1 million the state invested in Purdue, $3.18 million in additional investments from other sources were generated. Revenue from the state also created 1.23 jobs per $10,000.
A Purdue education also promises higher paying jobs. Purdue graduates in their first year out of college made an average annual salary of more than $42,000. In 2005 the average wage for adults ages 21-24 with a high school diploma was $23,046, according to the U.S. Census Bureau. Purdue also helps graduates find employment in Indiana through internship programs and job fairs.
Purdue also makes its resources available to Indiana companies so they can remain globally competitive and continue to hire Purdue graduates. One example is Purdue's Technical Assistance Program, which helps as many as 450 companies each year with product development, advanced manufacturing, information technology and management issues.
Since its inception in 1986, the program has created nearly 1,600 Indiana jobs and saved approximately 2,600 more, according to program figures. Healthcare TAP, which was launched in 2005, works with the Indiana Hospital&Health Association to assist Indiana's hospitals in making operational and quality improvements.
New businesses are developed at Purdue's Discovery Park, through which groundbreaking research is conducted in nanotechnology, bioscience and other high-tech fields. Jischke said the park has the potential to create thousands of new jobs.
"A central hub for interdisciplinary research, Discovery Park is projected to involve 3,000 students in entrepreneurial activities and 1,000 faculty in research," Jischke said. "We anticipate it attracting more than $35 million a year in sponsored research funding and $10 million a year in recurring infrastructure support. These investments should pay handsomely. To date, more than 40 Purdue faculty-entrepreneurs have engaged in the process of starting companies based on their work."
Businesses are then nurtured at the award-winning Purdue Research Park, which is one of the largest university-affiliated, high-tech business incubation programs in the United States. It is home to more than 140 businesses that employ nearly 2,900 people.
Endocyte Inc.*, the first Indiana life sciences company to benefit from the Indiana Future Fund, is one of the companies that has grown at the Purdue Research Park. Founded in 1996, Endocyte develops Purdue-licensed cancer detection and treatment technologies, which are undergoing FDA-regulated human clinical trials.
P. Ron Ellis, president and CEO of Endocyte Inc., said Purdue has been instrumental in his company's success.
"Our research was developed at Purdue," Ellis said. "And we have grown our company to 45 employees through the support of the Purdue Research Park. We would not be in the position we are today without them."
Jischke said Purdue is committed to serving companies such as Endocyte and maintaining its economic development partnership with the state of Indiana.
"With unprecedented support from the students, faculty, industry and the state, Purdue is helping Indiana build a future that has never looked brighter," he said. "With the continued commitment of our partners, we can achieve the goal of improving the life of every Indiana citizen."
Contact: Marydell Forbes, 765/496-7704, mforbes@purdue.edu; Martin C. Jischke, 765/494-9708; Vickey Buskirk, 765/463-7175, ext. 1117, vbuskirk@endocyte.com.