August 2013

Research Parks Create Jobs

Good paying jobs are the key to economic growth.  How does a science park help?

Since its inception, the Illinois Science + Technology Park has brought to the area over 1300 jobs.  These jobs encompass range of positions, from research, business development, commercialization and administration. The Park is home to established global companies such as Astellas and Fresenius Kabi,  There are technology growth enterprises like Carefusion and Vetter.  Additional early stage companies built on research from Northwestern University have located at the Park.  These early stage companies which include, AuraSense Therapeutics, Polyera, NuMat Technologies are remarkable by their breadth of technology. (genetics, nanotechnology, leading edge materials)

The job impact of technology parks goes beyond just the tenant base. On average, one job at a science park creates at least 2 to 3 additional support jobs in the area.

When it comes to specialized jobs, a recent study noted that a position in biotechnology can create almost 6 additional jobs

A technology park creates higher paying jobs. In New Mexico, science park jobs paid 78% more than the average job in the area. In the Philadelphia area, the tech park worker was paid 62% greater than the average for the region. 

Kevin Byrne,  President of the Association of University Research Parks noted "We can't tell our children that we can educate them here but then when it comes to finding a job, they'll have to move somewhere else. The research park is a catalyst for jobs so that we are able to educate our children and then, upon graduation, provide them with quality jobs that are local - that's pretty powerful."

Investment in research parks, however,  is taking place on a global basis. Singapore, for example, has invested billions of dollars to create Biopolis "a city within a city intended for scientists, researchers, and entrepreneurs."  In France, Minatec has been funded to combine a research campus with a network of companies, researchers and engineering schools.