LSU is an economic driver for the state of Louisiana. Its vibrant collection of scientists, scholars, artists and engineers bring in 12,600 Louisiana students from outside of our area, approximately 5,600 from outside the state and another 1,500 or so from other countries. This diverse and eclectic community makes Baton Rouge and its surrounding areas a creative catalyst for technological growth, business infrastructure and advanced problem-solving techniques that only a top tier, flagship university can provide.
Some examples of LSU’s economic impact include:
IBM recently announced that it will build a service center in Baton Rouge due to the proximity of expertise LSU offers. In addition to the 800 jobs that will be created at the center over the next four years, LSU estimates the project will result in approximately 542 new indirect jobs, for a total of approximately 1,342 new, permanent jobs in the Capital Region.
LSU’s LBTC has helped to secure more than $160 million in equity, grants and loans, built more than 500 new businesses and created or saved nearly 10,000 jobs. That comes out to ~$45,000 and 2 and 2/3 jobs created every day they are open. LBTC’s business incubator has 33 businesses, with 137 people employed working at it at an average annual salary of $50,960 and the businesses are growing at a rate of 22 percent. The average business also raised $130,000 in capital last year.
LSU faculty members have started at least eight small businesses through the technology incubator. These companies have created 23 jobs and won $1,500,000 in Small Business Innovation Research awards from federal agencies. Albemarle has funded joint research projects with three of these companies.
LSU commercialization success stories include a continuous culturing system for aquaculture food production; a new class of anti-cancer drugs; innovative diabetes treatments that are currently on the market; technology allowing safe and efficient recovery of oil that can’t be reached through traditional drilling methods; a start-up company developing a soft-tissue fixation device used in ACL reconstructions; scientifically-engineered chemical attractant fishing lures; and many more.
LSU has developed approximately 100 international partnerships and three dual-degree partnerships with universities in China and South Korea.
LSU’s presence produced $1.3 billion in direct and indirect sales in the 2010 fiscal year, which is comparable to 3 percent of gross domestic product for the metro area.
More than $738 million in salaries and wages were generated last year, comparable to 5 percent of total wages in the Baton Rouge Metropolitan Statistical Area, or MSA, in 2007. LSU’s payroll directly accounts for 2 percent of the area’s wages and salaries.
LSU generated an estimated 21,940 jobs. Approximately 8,717 full-time equivalent jobs were located on campus; 13,223 were in other parts of the MSA. Together, employment attributable to LSU accounts for nearly 6 percent of total non-agricultural employment in the MSA.
Students from outside the MSA brought $435 million into the local economy ($298 million after tuition and fees) during the 2010 fiscal year. Including students from inside the MSA, student spending increases to $602 million ($420 million after tuition and fees).