Study shows UA Tech Park has $2B dollar impact on Pima County
Back in October, Tech Parks Arizona celebrated their 20th anniversary and ensured their commitment to another 20 years to furthering innovation and being a central technology hub in southern Arizona. And now, just a mere five months later, Tech Parks Arizona announces another milestone they can put in the books. Tech Parks Arizona has released a new study documenting the economic impact of the University of Arizona Science and Technology Park (UA Tech Park) and its significant contributions to Pima County’s economy.
The report specifies that the UA Tech Park and its resident companies have an annual economic impact of $2.33 billion on the county’s economy, and UA Tech Park tenants generated $106 million in state and local taxes in 2013.
The study also shows that the 1,300-acre Tech Park is a hub for high-wage jobs. In addition, the average wage of a worker at a UA Tech Park tenant was $91,145, close to twice the Pima County average of $46,363. In 2013, these tenants paid $567.5 million in direct wages to their employees.
“I think we’re capturing national and international attention with the results we’ve had,” said Bruce Wright, associate vice president for Tech Parks Arizona, referring to the three Israeli companies who applied to come to the Tech Park. “We want to grow even more employment and opportunity. This is a work in progress, and we’re making good progress.”
Biannually, UA Tech Park tenants are surveyed to quantify the impact Tech Park has on the economy. The current study was completed by an independent consultant who analyzed the economic and tax revenue impact of the UA Tech Park in Pima County for the calendar year 2013. The full report can be accessed online.
Contributions and Graphics courtesy of UA Tech Park