Young stresses University’s ties to business

Throughout U.S. history, according to Young, answers to questions of how states have achieved economic prosperity circle back to education and the research coming out of universities that turns into usable technology.

If the population on any given day at the University of Utah was compared to a city, U. President Michael K. Young says he would be mayor of Utah’s 11th-largest city.

By Stephen Speckman
Deseret Morning News

http://deseretnews.com/dn/view/0,1249,595105276,00.html

The U. is the state’s third-largest employer, totaling 18,000 full- and part-time employees with the total student population at around 28,400. The payroll for employees reaches about $275 million, including benefits.

Young told Rotary Club members in a meeting this past week that the U. brought in about $2 billion to the state’s economy last year. That’s based on the U. earning over $300 million in research dollars, 97 percent of which came from outside Utah borders, mostly in the form of federal dollars. For every research dollar produced, Young said, it brings in $7 toward the state’s economy.

"So, it’s a powerful engine of economic growth merely in that sense," Young said.

Over the past decade, he added, 60 companies have been "derived" from technology developed at the U. The U.’s research park alone now generates about $500 million in annual revenues.

But the U. has to mean more to the community than just an economic stimulus, he said.

Last year, for example, 6,000 students performed 150,000 hours of community service as part of their education. Young said the U. continues to emphasize service learning to help students develop skills beyond being able to simply land a job.

"We want people who are leaders," he said.

Young said the U. also needs to "deepen" its relationship with the business community for continued economic success in Utah. Efforts to move technology from the "test tube" to the market, he said, need to improve.

Throughout U.S. history, according to Young, answers to questions of how states have achieved economic prosperity circle back to education and the research coming out of universities that turns into usable technology.