Midwest boosts research spending
Increased research and development activity across the US is helping provide a strong economic underpinning in the Midwest, where R&D spending has been steadily increasing, according to an analysis by AmeriTrust Corporation.Skip to next paragraph
Subscribe Today to the Monitor
Threats of prolonged inflation, heightened foreign competition, energy shortages, and national defense slippages have combined to send R&D outlays in 1980 to over $60 billion in the US, an 11 percent increase over 1979, bank officials note.
About 70 percent of total R&D work -- $42.3 billion worth -- is being performed by private industry, which is spending about $28.3 billion of its own money and $14 billion of federal funds.
In the Midwest, the bank notes, close to $15 billion in industrial R&D spending is taking place this year. While California, with its heavy aerospace and electronics activity, ranks as the single leading state in R&D spending, industrial states of the Midwest and East occupy the next seven slots. They are New York, Michigan, Pennsylvania, Ohio, Illinoi s, New Jersey, and Massachusetts.