Hundreds of millions of dollars in grants and other means of funding to the University of Michigan’s health system could potentially generate 1.2 billion dollars in economic growth for downtown Ann Arbor, the surrounding area and the state of Michigan.
The University of Michigan Hospital. Downtown Ann Arbor, MI.
In 2011 the medical school was awarded 319.7 million dollars by the National Institutes of Health and placed second for total awarded to a public university with an affiliated medical school. The University of Michigan continually earns these grants and has appeared in the top ten benefiting schools four consecutive years now. In addition the school also raises about 490.5 dollars million total from other sources like state and federal agencies, industry and private donation.
According to the “ripple effect”, as indicated by the original article by uofmhealth.org, each dollar spent on research and development at an educational institute should generate nearly 2.5 dollars in local economic activity. This is without taking into consideration the effect newly developed technologies will have on markets as they become available or on the impact to the quality of life in the area.
In a move that makes the medical school at the University of Michigan seem even more impressive, the NIH awarded grant money to each of the schools 714 medical research projects, this in a research climate that is undoubtedly competitive.
What is worth noticing is that the University and other major ‘investors’; the State, the Federal Government, and private industry, along with many other contributors, see the Ann Arbor area as an investment worth making. The University of Michigan is a positive force in Ann Arbor and it’s impact can be felt throughout the community, the Health System at U of M being among the many ways, spending 45% of the University’s money allocated to research and development. Δ John Fenton
{ 1 trackback }
{ 0 comments… add one now }