University Innovation and Local Economic Growth

Naomi Hausman

The Review of Economics and Statistics, 2022, vol. 104, issue 4, 718-735

Abstract: This paper identifies the extent to which knowledge from U.S. universities drives industry agglomeration. Establishment-level data indicate faster growth in employment, wages, and corporate innovation after the 1980 Bayh-Dole Act's shock to the spread of innovation from universities in industries more closely related to the nearby university's innovative strengths. Federal research funding amplified the effect. University knowledge spillovers strengthen with geographic proximity, density, and local skills. Consistent with spatial equilibrium models, the growth effect is driven by nearby entry in university-linked industries, especially of multiunit expansions; these firms disproportionately partner with universities in RD, transfer IP, and innovate.

Date: 2022
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