Nearly 9% of Wisconsin’s $345 billion economy is generated by UW-Madison and related organizations and startup companies, according to a February 2021 report done by NorthStar Analytics, LLC.
Based on data from fiscal 2018-2019, the study shows UW-Madison’s impact on the Wisconsin economy has grown to $30.8 billion, with the overall economic impact totaling just $15 million in the previous 2015 report.
$10 billion of the economic impact is generated by UW-Madison related startups, or new companies founded based on UW-Madison research. The study found that there are over 400 UW-Madison related startups in Wisconsin.
“This study confirms that investments in UW–Madison get translated into research breakthroughs that become startup companies that create jobs, hire university graduates and buy goods and services from across Wisconsin,” said Aaron Olver, managing director of UW–Madison’s University Research Park, in a UW-Madison press release.
The study also found that for every $1 taxpayers invest in UW-Madison, over $26 is generated back into the Wisconsin economy, also up from the approximately $24 for every $1 spent that the 2015 report found.
“The numbers in our report show the large impact that comes from UW–Madison and its benefit to the entire state,” David J. Ward, chief executive officer of NorthStar Analytics, LLC said in a UW-Madison press release. “As we move further into the information economy, the university is clearly a driver of innovation for a broad range of Wisconsin industries from manufacturing to healthcare, building an important foundation for future growth in the state.”
UW-Madison also supports over 232,000 jobs or over 7% of Wisconsin’s three million jobs, according to the report. This adds up to one out of every 13 jobs in the state.
The full study is available on the UW-Madison website.
Gina Musso is a Senior Staff Writer at The Daily Cardinal. She previously served as College News Editor and Features Editor, focusing coverage around student government, campus COVID updates and in-depth reporting. Follow her on Twitter @gina__musso.
