HONOLULU (HawaiiNewsNow) — The University of Hawaii has surpassed half a billion dollars in outside funding for the first time in its history, officials said Thursday.
The 10-campus system hit a record $505 million in fiscal year 2022, which ended June 30.
This record total surpasses UH’s previous funding record of $488.6 million in 2011.
Outside funding — from the federal government and industry and nonprofit organizations — has been used for extramural projects that support research and innovation.
“We are extremely pleased to have reached this important milestone in our extramural funding history,” UH Vice President for Research and Innovation Vassilis L. Syrmos said in a statement.
“Much of the credit is due to the hard work and dedication of our faculty, staff, and graduate students who keep UH’s research enterprise on a steady trajectory despite significant challenges in our economy, global affairs and fallout from the recent pandemic.”
Research expenditures have contributed to the local economy through business sales, job creation, employee income, and state tax revenue.
The program is considered the main element in the diversification of the Hawaiian economy.
According to a 2021 Economic Impact Report from the UH Economic Research Organization, UH research expenditures of $476.8 million in extramural funding in 2020 generated $734.8 million in total business sales, $236.9 million in expenses, and $41.2 million in state tax revenue, while supporting an estimated 5,428 jobs.
“We are incredibly proud to have made our UH Extramural business a major economic sector for Hawaii that creates thousands of jobs and boosts the economy on our islands,” said UH President David Lassner. , in a press release.
UH has many programs that have attracted funders.
Copyright 2022 Hawaii News Now. All rights reserved.