Report: Purdue Research Park annual economic impact for Indiana is $1.3 billion
This study is the first of its kind for the Purdue Research Foundation. From the creation of 4,000 new jobs to the nearly $50 million in federal and developmental grants for small business, the results provide an important milestone of how Purdue is giving back to the state.
NDIANAPOLIS; WEST LAFAYETTE, Ind.; MERRILLVILLE, Ind.; and NEW ALBANY, Ind. – An independent study reports that the Purdue Research Park network provides an annual economic impact of $1.3 billion to Indiana’s economy, officials announced Tuesday (June 14).
The report states that the Purdue Research Park network is one of the largest private employers in the state, has invested more than $584 million in infrastructure, provides $48 million in annual tax revenue for the state and employees in a park-based company earn an average annual wage of $63,000.
“The Purdue Research Park network provides a valuable foundation for startups and expanding companies where new discoveries are commercialized into viable products that help our state through job creation, and that help address global challenges,” Indiana state Rep. Randy Truit said. “For example, the wound healing technology from Cook Biotech has been used on more than a million people around the world, and the new drug targeting and imaging diagnostics being developed by Endocyte show great promise in changing the way we treat cancer.”
Key Findings include:
- $1.3 billion annual impact for State of Indiana.
- $256 million investment in the Park facilities and infrastructure from 1999 to 2010.
- $48 million contributed to State and local taxes.
- $49 million in Federal research and development grants for small businesses brought to the State since 1987.
- Park-based companies contributed nearly $22 million in sponsored research to Purdue University.
- Combined, the Park network is a top 20 private employer in the State of Indiana.
- More than 4,000 high-tech, high-quality jobs paying an average annual salary of $63,000 – 65 percent higher than the Indiana average.
- About 10,000 total jobs generated in respective Park network communities.