Advocates of a proposed 900,000-square-foot Minnesota Science Park in Minneapolis have been touting the park’s potential to strengthen the regional economy. And to help make their case, they used an EMSI analysis of North Dakota State University’s Research and Technology Park to show the job-creation possibilities for their site.
Details of the effort to get Minnesota’s park up and going were outlined in a Finance & Commerce article.
A December report by Economic Modeling Specialists Inc. in Idaho found that direct employment at the Research and Technology Park at North Dakota State University in Fargo jumped 74 percent between 2005 and 2010, to 893 jobs. Another 551 indirect jobs also were created.
An October 2007 study by AURP and Battelle Technology Partnership Practice found that every job in a research park generates an average of 2.57 jobs in the economy.
That is the type of impact Bianco seeks for Minnesota. He saw the biotech industry’s rise in Cambridge, Mass., in the 1990s while he worked at Johnson & Johnson.
The experience “left a powerful impression on me,” Bianco said. “I want to see the same thing happen here because we are so capable of it; we have the potential to do this.”
The 32-acre Minnesota Science Park site plan includes a 60,000-square-foot building called the Minnesota Accelerator. Most of the building will be office space, but there will be some laboratories, too. If it is fully built, a $750 million project is envisioned, Bianco said.
For more on EMSI’s consulting and impact analysis, see here.