RESEARCH TRIANGLE PARK: E CONOMIC I MPACTS O N D URHAM, NC Presented By: Jiawen Cheong

RESEARCH TRIANGLE PARK: ECONOMIC IMPACTS ON DURHAM, NC

Presented By: Jiawen Cheong

INTRODUCTION TO RTP

HISTORY OF RTP

1950’s: NC had one of the lowest per capita incomes in the US

Economy dominated by low-wage manufacturing and agricultural industries

Severe brain drain despite presence of Universities

HISTORY OF RTP (CONT.)

1959: RTP was founded by Government, Business and Academic Leaders

Vision: To transform region’s economy, improve per capita income, and integrate regional community

INITIAL DOUBTS

Could Research and Business Parks be planned?

Negative image of the South

Manufacturing Centers in Northeast and Midwest

RTP STRATEGY

Park fully funded and run by private sector With strong support from government

University cooperation seen as “essential for park idea to succeed”

Aggressive recruitment of large corporations

RTP GROWTH

RTP TODAY

ECONOMIC IMPACT Transformation of Region’s Economy

National Percentage Share of Technology Employment

ECONOMIC IMPACT (CONT.)

Per Capita Income Growth

ECONOMIC IMPACT (CONT.)

Urban Revival and Transformation

Infrastructure Development

13 million sq.ft built space in technology and business parks

15,000 acres of office and retail space

>41,000 housing units

SUCCESS! BUT…

Strong correlation between development of RTP and economic growth in Durham Causality?

Organic vs. Planned Growth

Big Picture trends

Need to compare to other University regions

CONCLUSION

RTP has fulfilled the original vision of its founders

Important driver of growth

More research needed to

THANK YOU!

REFERENCES Research Triangle Foundation, www.RTP.org

Link, Albert N. A Generosity of Spirit: The Early History of the Research Triangle Park. Rep. Research Triangle Foundation of North Carolina, 1995. Print.

Link, Albert N., and John T. Scott. "The Growth of Research Triangle Park." Small Business Economics 20.167-175 (2003). Web.

Research Triangle Park: Evolution and Renaissance. Rep. Research Triangle Foundation of North Carolina, June 2006. Web.

US Census Bureau. Web. <http://www.census.gov/>.