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The Research Park at Florida Atlantic 2024 Report to the Community

BOCA RATON, Fla. (January 24, 2025) – The Research Park at Florida Atlantic released its annual economic report to the community today. This report contains and highlights the impactful contributions of the Research Park and the companies that reside in it to the region’s economy, as well as scientific discoveries and collaborations.

During 2024, the ventures based in the Research Park at Florida Atlantic supported 978 jobs while 160.5 net new jobs were created, in addition to 34 internships for Florida Atlantic University students. Total revenues generated by Research Park and Global Ventures companies increased to $657m while $12m personal income was generated.

The total economic impact on the South Florida region by the innovative activities taking place in the Research Park at Florida Atlantic in 2024 was estimated to create 3,049 direct, indirect, and induced jobs, with an overall economic output of $708m.

The five-year economic impact to South Florida by the ventures growing in the Research Park is further forecast to create 4,591 direct jobs and approximately 2,300 indirect and induced jobs annually with a total economic output of $4.82 billion 2024-2028. Over the five year period, $1.3 billion of personal income will be added to the economy.

The share of health tech companies has increased from 50 to 59%. Advanced engineering ventures make up 20% and software & technology represent 17% of firms, with 4% other.

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For four decades, the Research Park at Florida Atlantic has been a prime location for innovation and driving economic growth in the South Florida region. Since the beginning, the Research Park has supported entrepreneurs and their big ideas through connections, resources, and university partnerships for them to thrive and grow. Through its Global Ventures program, the Park supports second-stage companies in growing while supporting businesses in strengthening their ties within the South Florida business community and academia. The Research Park is a catalyst for second-stage companies’ growth.

The statistics and numbers reflected above further support how the Research Park is actively supporting its mission and goal to support South Florida’s economic growth. The Park aims to drive innovative ideas, new products, and entrepreneurs with disruptive ideas, to support the everchanging economy. As the Research Park celebrates forty years of economic impact, it remains committed to shaping the future of South Florida through technology-led entrepreneurship.
“This analysis clearly demonstrates the significant impact of the Research Park’s activities on the economy of South Florida,” commented Andrew S. Duffell, president. “For 40 years, the cutting-edge technology developed and deployed here has added knowledge and job opportunities to our region, making it more resilient in the face of economic volatility, improving the lives of our residents.”

Pursuing the Research Park at Florida Atlantic’s mission is made possible by the investments Palm Beach County and the City of Boca Raton in its programs as well as the support of Ecosystem Investor Florida Power & Light and 35 Mules and Silver Investor Kaufman Rossin. Bronze Investors include: Baptist Health, Banyan Development, Boca Raton Airport, Broward County, CBIZ, CohnReznick, Duane Morris, FAU College of Engineering & Computer Science, FAU Executive Education, Lorium Law, Medical Link, PEBB Enterprises, People’s Trust Insurance Company, Plastridge Insurance, Seacoast Bank, SouthState Bank, the BV Group at UBS and Broward County.

For more information about the Research Park at Florida Atlantic, visit: https://researchparkfau.com/

About the Research Park at Florida Atlantic University®
The Research Park at Florida Atlantic University® is home to technology companies and research-based organizations working to support the research and development activities of Florida Atlantic University and to foster economic development and broaden the economic base of Broward and Palm Beach counties. The Research Park at FAU hosts Global Ventures, an international soft-landing center for second-stage technology companies and FAU Tech Runway, a hub to accelerate technology development and incubate startup companies. The Research Park at FAU is a 70-acre destination for R&D companies to thrive, established in 1985, it is widely regarded as South Florida’s laboratory for new entrepreneurial ideas and technologies. The Research Park at FAU is governed by the Florida Atlantic Research and Development Authority, an independent special district created by Palm Beach and Broward counties in partnership with Florida Atlantic University, organized under Chapter 159, Part V, Florida Statues. (www.ResearchParkFAU.com)

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