University Of New Orleans Research & Technology Park Generates $472M Economic Impact
NEW ORLEANS – The University of New Orleans Research and Technology Park generated an economic impact of $472.1 million in the eight-parish metro area in 2016, according to a new analysis by TEConomy Partners.
During that time, the UNO Research and Technology Foundation and its 34 tenant companies and organizations directly employed 1,678 people and generated nearly half a billion dollars in total direct, indirect and induced economic output, the report shows.
In 2016, the University of New Orleans announced that the university’s annual economic impact was $470.5 million (as measured during the 2014 – 2015 fiscal year). Taken together, the combined impact of the University of New Orleans and the UNO Research and Technology Park on the region is $942.6 million and supports more than 11,000 jobs.
“A combined economic impact of nearly a billion dollars is a resounding statement about our importance,” said University of New Orleans President John Nicklow. “It demonstrates, perhaps even more than we thought, that the University of New Orleans and its Research and Technology Park are major economic drivers in the region, elevating the quality of life in the greater New Orleans area.”
The primary location of the UNO Research and Technology Park is 30 acres of land adjacent to the university along the shore of Lake Pontchartrain and encompasses 600,000 square feet of office and lab space. A satellite facility is located on the west bank of the Mississippi River in Avondale.
The park tenants include a mix of private companies, government agencies and nonprofit organizations concentrated in six key clusters of research and economic activity: IT and cybersecurity, naval architecture and marine engineering, logistics and lab testing, banking, nonprofits and government, and coastal protection and wildlife management.
Managed by the UNO Research and Technology Foundation, a 501(c)(3) nonprofit organization, the research park was established to increase the economic vitality of the University of New Orleans and surrounding academic institutions and to strengthen the economy of New Orleans and Louisiana, reps said. To mark the research park’s 20th anniversary, the UNO Research and Technology Foundation commissioned TEConomy Partners to perform analyses to quantify the park’s economic impact and profile its key functional impacts. Highlights of the study include:
• In 2016, the UNO Research and Technology Park directly employed 1,678 people with total operating expenditures of $235 million.
• When the research park’s secondary and tertiary impacts are factored in, the park generated $472.1 million in total economic output, supported 3,529 jobs with $241.2 million in compensation and generated $15.6 million in state and local tax revenue across eight parishes.
• The average salary for an employee in the research park is $72,637.
• By collecting data on 27 of 34 tenants, it was revealed that tenant companies and organizations employ 235 UNO alumni, representing 14 percent of total full-time park employment.
• The report also highlights key linkages between research park tenants and the university. For example, tenants gain access to UNO students and graduates with specialized skills, faculty expertise and equipment for research collaborations.
Read the complete report on the economic impact of the University of New Orleans Research and Technology Park here