Tech Valley News
R&D Investment at Colleges on the Rise
Learn more at R&D Investment at Colleges, Universities Sets New Record
New York’s colleges and universities spent $3.36 billion on research and development (R&D) in 2004, placing it second in the nation for R&D spending by higher education institutions. Bolstered by record Federal, State and industry investments, spending increased by nearly 9 percent over 2003.
This significant investment is part of New York’s strategy to creating new technologies, new companies and new jobs.
“New York is building its economy through targeted investments in job-creating high technology innovations and initiatives,” said Russell W. Bessette, M.D., Executive Director of the New York State Office of Science, Technology and Academic Research (NYSTAR
). “We are now positioned to see the rewards of those investments through the creation of good-paying, technology-based jobs.”
State and local government funded academic R&D increased at a rate three times that of the rest of the nation. In 2004, state and local governments invested $196 million up 22 percent from 2003.
New York’s initiatives are also attracting the critically needed private sector support for technological development in the state. Industry support of academic research in New York climbed to $146.2 million in 2004, up 10.2 percent from 2003. Industry R&D investing in California and Texas declined in the same time period.
Federal funding of university-related R&D in New York rose to a record $2.2 billion in 2004, up 10.4 percent from 2003, according to the National Science Foundation.
In Tech Valley, the University at Albany led the way with $203.98 million in R&D investments. Rensselear Polytechnic Institute followed with $56.91 million.