UA Says Tech Park Provides $522B Impact

October 31, 2014

It may be Halloween, but as far as the regional economy in NWA goes, the Arkansas Research & Technology Park has been all treats and no tricks.

The UA's research park celebrated its 10th anniversary Thursday, with UA officials revealing a $522.9 billion impact since its opening 10 years ago.

Speakers  the event, titled "Celebrating 10 Years of Innovation," included Chancellor David Gearhart, UA Technology Development Foundation president Phillip Stafford and Douglas Hutchings, CEO of Picosolar and Silicon Solar Solutions.

In the last fiscal year alone, the park generated $54.7 million in economic activity.

The data was gathered by the Center for Business and Economic Research at the UA's Walton Business College.

Here's more from Arkansas Business:

The Center for Business and Economic Research, part of the UA's Sam Walton College of Business, found that labor income associated with the research park's tenant companies totaled $189.5 million from 2005 to 2014, and the park’s overall economic impact on the state from 2003 to 2014 totaled $522.9 million.

The park is managed by the University of Arkansas Technology Development Foundation and includes several facilities that support university research and technology-based economic development. The park includes three multitenant facilities and three multidisciplinary research facilities comprising roughly 285,000 SF of research and development space...

...Phil Stafford, president of the UATDF, told Arkansas Business this week that 38 affiliate companies and 196 employees were based at the park at the close of the 2014 fiscal year, resulting in a total employment impact of 385 jobs statewide...Based on expenditures by the park’s affiliates for fiscal 2014, which ended June 30, the research park generated $54.7 million in economic activity statewide and $1.8 million in state and local taxes, Stafford said.

Read the full story here

Several IA client firms call the park home, including Silicon Solar. Keep up the good work, everybody.

Want more info on the park? Right here


 

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