Exploring Sandia Science & Technology Park Opportunities
Welcome to the Sandia Science & Technology Park, a premier hub for innovation and technology collaboration located in Albuquerque, New Mexico. This dynamic park offers a world of exciting opportunities for high-tech companies and individuals passionate about economic development and cutting-edge advancements. From state-of-the-art facilities to invaluable partnerships, the Sandia Science & Technology Park is the ideal ecosystem for driving technological breakthroughs and shaping the future.
Key Takeaways:
- The Sandia Science & Technology Park in Albuquerque creates a conducive environment for technology collaboration.
- High-tech companies and individuals can leverage the park’s resources and partnerships to drive economic development.
- With world-class facilities and expert scientists and engineers, the park offers unparalleled support for innovation.
- The park’s positive economic impact includes job creation, tax revenue, and indirect employment opportunities in the region.
- Investments and partnerships play a crucial role in sustaining the park’s growth and research collaboration.
Economic Impact of the Sandia Science & Technology Park
According to the report by the Mid-Region Council of Governments, the Sandia Science & Technology Park has had a significant economic impact. In the most recent two-year period, taxable personal consumption in the surrounding counties totaled about $461.8 million. The park also contributed $19.8 million in gross receipts tax revenue to the state of New Mexico and $8.8 million to the city of Albuquerque.
The park is responsible for the creation of 310 jobs during this period, with a total of 2,369 employees working in 48 companies and organizations by the end of 2019. The average full-time annual salary in the park is well above the average annual salary for the Albuquerque metro area, at $95,000. The park has also helped generate $147.5 million in tax revenue for the state of New Mexico and $32 million for the city of Albuquerque since its establishment in 1998.
| Taxable Personal Consumption | Gross Receipts Tax Revenue | Jobs Created | Employees | Tax Revenue Generated | |
|---|---|---|---|---|---|
| Surrounding Counties | $461.8 million | ||||
| State of New Mexico | $19.8 million | $147.5 million | |||
| City of Albuquerque | $8.8 million | $32 million |
Positive Impacts on the Local Economy
The Sandia Science & Technology Park has proven to be a catalyst for economic growth, going beyond direct job creation. Indirect employment, a concept highlighted in the report by the Mid-Region Council of Governments, has played a significant role in fostering economic development in the region.
Indirect employment refers to the jobs that would not have existed without the presence of the park and the investments it has attracted. For every direct job created within the park, nearly two indirect jobs have been generated in the surrounding region. This job multiplier effect has resulted in the sustainability of approximately 4,500 indirect jobs each year.
Not only has the park created a multitude of job opportunities, but it has also contributed to substantial economic growth. Since its establishment, the park has generated $6.4 billion in wages and an estimated $3.7 billion in taxable personal consumption. These economic benefits have had a profoundly positive impact on the overall health and security of the regional economy.
| Impacts on the Local Economy | Figures |
|---|---|
| Indirect Employment | Approximately 4,500 jobs sustained per year |
| Wages Generated | $6.4 billion |
| Taxable Personal Consumption | $3.7 billion |
Investments and Partnerships
The Sandia Science & Technology Park has thrived on significant investments since its establishment, paving the way for economic growth and innovation in the region. In total, the park has received investments amounting to $396 million, with $306 million being sourced from private investors and $90 million from public investment.
These investments have played a critical role in creating both direct and indirect employment opportunities, bolstering job creation and stability. By providing financial support, these investments have contributed to the overall economic health of the region.
The success of the Sandia Science & Technology Park is also attributed to its strong partnerships with various entities. Through a dynamic public-private partnership, the park collaborates closely with esteemed organizations such as Sandia National Laboratories, Albuquerque Public Schools, Bernalillo County, and the Department of Energy. These partnerships foster research collaboration, granting businesses access to world-class facilities and enabling the development of innovative solutions to address challenges across both the public and private sectors.
| Investment Source | Investment Amount (in millions) |
|---|---|
| Private | 306 |
| Public | 90 |
The partnerships formed by the Sandia Science & Technology Park are a testament to its commitment to driving research collaboration and fostering a vibrant ecosystem of technological advancement. Through these strategic alliances, the park seeks to forge synergies, leverage expertise, and combine resources to achieve groundbreaking breakthroughs. The resulting innovations contribute to the economic growth and development of the region, solidifying the park’s position as a leading hub for innovation and technology.
Conclusion
The Sandia Science & Technology Park in Albuquerque offers a wealth of opportunities for businesses and individuals seeking to contribute to economic development and drive innovation. The park’s impressive economic impact, job creation, and collaborative partnerships have positioned it as a thriving hub for high-tech companies and research collaboration. With access to world-class facilities, cutting-edge technologies, and a vibrant entrepreneurial ecosystem, the park continues to attract businesses and fuel economic growth in the region.
As the Sandia Science & Technology Park expands and continues to make significant contributions to the local economy, it holds the promise of playing a pivotal role in advancing state-of-the-art accomplishments and tackling the challenges of the future. By providing a conducive environment for innovation and collaboration, the park paves the way for groundbreaking discoveries and solutions in various sectors.
Whether you’re a budding entrepreneur or an established company, the Sandia Science & Technology Park presents incredible opportunities to thrive and make a lasting impact. The park’s commitment to fostering economic development, its emphasis on creating high-quality jobs, and its strong culture of collaboration make it an ideal destination for those seeking to capitalize on the dynamic landscape of technology and innovation.
