Northern Michigan University retained Anderson Economic Group to conduct a market study and strategy for the development of university owned property in Marquette, Michigan. The commission of this report opened the opportunity for the proactive planning of future development efforts, the return of underutilized property to productive uses, and the physical and social connection of the campus and community.
Our approach began with a field assessment in Marquette, followed by community outreach through online surveying, meetings with community stakeholders, and focus groups for the business community, area residents, university faculty and staff, and students. Findings from the community engagement helped to qualify results from our retail and residential supply and demand analyses, which identified opportunity for growth in various retail categories and housing value brackets to complement the existing stock. Our recommendations included illustrative development plans for the property, and specific development guidelines and tenant recommendations to enliven the area, connect the campus to the community, and bring in each element of living, working, and playing.
We provided the university with a full report which included an executive summary and appendices that contained explanations of the methodology used, detailed findings from the analyses, custom maps, and results from the community engagement process. We also provide pro forma financial models for the development to illustrate the financial considerations related to the project.
The University Research Corridor (URC) is an alliance of Michigan’s three largest academic institutions: Michigan State University, the University of Michigan, and Wayne State University. In 2007 the URC universities asked Anderson Economic Group to undertake the first comprehensive study that benchmarks the economic impact of the URC’s activities on Michigan’s economy. This 2008 report is the second in a series of annual reports. While many benchmarks will likely not show large changes from year to year, over time these reports will reveal trends.
The URC had 135,816 students enrolled in the fall of 2007. This is an increase of 5.8% from the fall of 2001, and 1.9% higher than 2006. The students at the URC universities are drawn from throughout Michigan and around the world. Students from Michigan accounted for 77% of total enrollment in the fall of 2007, while 14% came from elsewhere in the U.S. and the remaining 9% came from other countries or territories. The URC has students from every county in Michigan, every state, and more than 150 countries.
A preliminary report released in May by Anderson Economic Group found that Michigan’s University Research Corridor (URC), an alliance of Michigan State University, the University of Michigan, and Wayne State University, makes significant contributions to the state’s economy.
In its report, AEG found that the URC spent $6.5 billion on operations in fiscal year 2006. This figure—$6.5 billion–is about 2% of all economic activity in Michigan, as measured by Michigan’s gross state product. Most operational spending went towards teaching, research, and University of Michigan’s Hospital.
Furthermore, AEG estimated that currently over 617,000 alumni of a URC institution live in Michigan. There is at least one URC alumni living in every Michigan county. URC alumni living in Michigan earned an estimated $24.3 billion in 2006, making up 13% of all wage and salary income in Michigan.
The AEG report also compared how research and tech transfer activities at Michigan’s URC compare with other well-known university clusters in Massachusetts, North Carolina, and Pennsylvania. Peer university clusters include Harvard, MIT, and Tufts in Massachusetts; Duke, University of North Carolina, and North Carolina State in North Carolina; and Penn State, Carnegie Mellon, and University of Pittsburgh in Pennsylvania.
The economic impact of Michigan’s University Research Corridor (URC). Michigan State, Wayne State, University of Michigan.
What would the loss be to the state if the Research Corridor universities (URC) left Michigan? Also benchmarks the URC’s economic contributions to the state in terms of jobs, earnings, economic development activities, and tax revenue.
Sallee, Rosaen, Anderson
An analysis of the net economic impact and economic benefits that Michigan State University (MSU) provides the State of Michigan
The University Research Corridor (URC) is an alliance of Michigan’s three largest academic institutions: Michigan State University, the University of Michigan, and Wayne State University. The purpose of this alliance is to accelerate economic development in Michigan by educating students, attracting talented workers to Michigan, supporting innovation, and encouraging the transfer of technology to the private sector.
The URC asked Anderson Economic Group to undertake a comprehensive study to quantify the economic impact of the Research Corridor universities’ activities on Michigan’s economy. The first annual report will answer the question: What would the loss be to the state if the Research Corridor universities left Michigan? The report will then measure and benchmark the URC’s economic contributions to the state in terms of jobs, earnings, economic development activities, and tax revenue.
This document is a preview to the first annual report and lays the foundation for the economic impact analysis in that report.