Report: IU's contribution to state more than $3.2 billion

IU had more than a $3.2 billion impact on the state of Indiana in the 2005-06 fiscal year, according to a Dec. 13 report presented by IU President Adam Herbert.\n"In terms of research, last year's IU faculty once again attracted more grants and contracts to fund research than all of the state's other four-year public universities combined," Herbert said in a statement. "This impact report illustrates how IU is helping Indiana improve the lives of its citizens through excellent, accessible higher education, and cutting-edge research and creative activity."\nThe 18-page report, "IU: Transforming Indiana," supporting the Indiana Life Sciences Initiative, was prepared to show how education and research has been improving the lives of Indiana citizens. It was coordinated by Victor Borden, IU associate vice president for University planning.\nThe report said IU directly put $1.6 billion into the state's economy in the 2005-06 fiscal year through resident payroll and in-state purchases, which represents about half of the in-state spending generated by all of the state's public four-year universities. The annual economic impact increases to $3.2 billion, when secondary effects of this spending are added, such as the money spent by non-residents.\n"The economic impact figure of $3.2 billion is largely based on employment and purchasing of goods and services, and non-resident student spending." Borden said. "If you throw in hospitals and affiliated practices, the number is much larger -- $8 billion. In a sense, that's more where life sciences are impacted, with the IU School of Medicine."\nBorden found in his research that for every dollar the state invested in IU through its appropriation, there was a $6 return on the investment. When hospitals, clinics and other services affiliated with the IU School of Medicine are factored in, there was an increase of more than $15 per-tax-dollar return.\nIU is also planning to collect at least a $100 million in intellectual property revenue by 2019.\nIndiana Life Sciences Initiative is expected to create 14,000 new, high-paying jobs and at least 100 new companies while bringing an additional $2.4 billion in research funding to the state. IU Director of Media Relations Larry MacIntyre said funding for this initiative is planned to be collected through a special state appropriation of $80 million over two years. MacIntyre said the initiative was proposed to the legislature, and they are waiting to get committee hearings on the subject.\nBorden said he thinks the life sciences want to hire about 500 new scientists to add to the existing base of experienced scientists at IU. \n"All that research brings grants, and that money hires more professionals and scientists," he said. "They focus on taking knowledge and creating benefits.