Rutgers Economic Impact Assessment
The Rutgers Office of Research Analytics performs economic impact analysis using state-of-the-art software and data. Economic impact modeling involves defining industries and the economic relationships between them to assess the "multiplier effects" caused by a change in the economy stemming from an event such as a policy change, a large construction project, or a fundamental change in an industry sector. Rutgers Office of Research Analytics staff possess a strong background with vast experience in performing economic impact analysis.
A study by the Rutgers Office of Research Analytics (ora.rutgers.edu) documents various contributions of the Rutgers RCSB Protein Data Bank to the local, national, and global economies.That study is available here.
Big Ten Alliance U-Metrics Initiative and the Institute for Research on Innovation and Science
The Office of Economic Development is spearheading an impact assessment effort for Rutgers University and has organized a cross-functional team for the collection and analysis of university wide metrics data. This data will be used to evaluate and demonstrate the benefits Rutgers brings to the state economy and beyond. A semi-automated system for continual data collection will be put in place to ensure that metrics are consistently collected and easily accessible.
In 2014, Rutgers joined the U-Metrics initiative that brought together Big Ten Academic Alliance researchers and Vice Presidents for Research, and the U.S. Census Bureau to develop a means of tracing the ways in which research spending affected economic activity. The U-Metrics program supplied participating universities with the tools they needed to carry out evidence-based decision making and to effectively communicate the economic benefits of research funding to state and federal policy makers, donors and other stakeholders. This initiative evolved in 2015 through the establishment of the Institute for Research on Innovation and Science (IRIS) to continue this research utilizing university data and expanding the opportunity to participate to other universities across the country. IRIS continues to expand the types of analysis capable with university record data through its partnerships with the U.S. Census Bureau and its team of developers and researchers. The Rutgers team continues to be a valued participant in the IRIS program through its data collection efforts, and with University representatives on the IRIS Technical Advisory Group and the Board of Directors.