Stretched across 55 acres at North Dakota State University in Fargo, the Research and Technology Park (RTP) serves as an incubator for 19 businesses. Late last year, officials at RTP asked EMSI to assess the park’s economic impact to the Fargo area and North Dakota economy.
EMSI found that the 19 firms account for 893 direct on-site jobs (an increase of 74% in the last five years) and another 551 indirect jobs for a total of 1,444 jobs in North Dakota.
From an article at INFORUM.com:
NDSU President Dean Bresciani, who has worked for two research universities with similar parks, said what stands out to him about NDSU’s park is the pace of the growth.
“The payback has been so immediate and so dramatic,” he said.
Even more impressive, Bresciani added, is that the bulk of the resources do not come from state appropriations.
Out-of-state sources pay for about two-thirds of all jobs, earnings and local tax revenues generated by the park, the report said.
Tony Grindberg, the park’s executive director, said the report also shows how many NDSU graduates have found work at the park.
Thirty-two percent of jobs are held by NDSU graduates, and 15 percent are held by NDSU students.
Other highlights include:
– Businesses in the park pay an average salary of $57,000, up from $51,000 in 2005.
– The research park generates about $10.9 million per year for state and local governments through sales taxes, income taxes and other charges, both directly and indirectly.
– The businesses in the park account for an additional 551 indirect, off-site jobs, the report found.
– Companies in the park trade with 26 nations on six continents, contributing about 10 percent of the park’s revenue.