Boca Raton, FL – The Research Park at Florida Atlantic University released its 2011-2012 Report to the Community showcasing positive year-to-year growth in various sectors. The annual report outlines a detailed economic growth and impact study that reveals significant progress being made towards positioning the Research Park as the preeminent R&D asset in Florida.
The Research Park is widely regarded as South Florida’s laboratory for new entrepreneurial ideas and technologies. Four new companies: American Sugar Refining, FWC Management Company, Modernizing Medicine and Mobile Help moved into the Research Park during the year.
Growth highlights for the Research Park in the past year:
- Employment increased 22 percent to a total 952 direct jobs.
- Economic impact to the South Florida economy increased to $274 million annually.
- Revenues earned by Research Park companies topped $1.7 billion with average company growth for the next twelve months projected to be 55%.
- Average Research Park employee salary is $68,158. 47% higher than the average salary in Palm Beach County and 55% higher than that in Broward County.
The report highlights the continued formation of valuable partnerships between Research Park companies and FAU’s various colleges, resulting in employment of 63 FAU graduates and 35 FAU interns in their chosen field of academics.
Equally important for the long term growth of the Research Park, and sustainable job creation for South Florida, the Technology Business Incubator expanded to 14,000 sf and is now at full occupancy housing 23 emerging companies.
Research Park activity indicates an increased concentration in medical technology and healthcare IT companies, key ingredients that bode well for healthy economic growth in South Florida.
“The Research Park stands out as a bright spot in turbulent economic times, paving the way to sustainable growth, both in jobs and technologies, for South Florida. The Report to the Community lays out how our companies work together with FAU to create new technologies and opportunities for the future,” stated Andrew Duffell, president & CEO of the Research Park.
About the Research Park at Florida Atlantic University
Established in 1985, the 94-acre Research Park (www.research-park.org) is home to
23 technology companies working in conjunction with the FAU College of Engineering and Computer Science, the FAU Charles E. Schmidt College of Medicine and the FAU College of Business. The Research Park also hosts the Technology Business Incubator with 23 startup technology companies, each of which receives business and consulting services with the goal of becoming established businesses and permanent residents in the Research Park.