RESEARCH PARKS WORTH HALF A BILLION DOLLARS TO PROVINCE

Released on February 17, 2005

An economic impact study on the value of Saskatchewan's research parks shows that Innovation Place in Saskatoon and the Regina Research Park contributed half a billion dollars to the province's economy in 2004.

The survey, conducted and analyzed by Insightrix of Saskatoon, used information such as the purchase of local goods and services and staff salaries to determine the economic impact of the parks' activities, based upon an economic model developed at the University of Saskatchewan.

Organizations at the Regina Research Park contributed $163 million to the economy of the City of Regina and $238 million to the provincial economy. The Park was also responsible for over 1,700 full time equivalent (FTE) jobs in the city and 1,980 jobs in the province.

The tenants of Innovation Place contributed $184 million to the economy of Saskatoon and $262 million to the provincial economy in 2004. About 3,700 FTE jobs in the city and 4,200 jobs in the province are attributable to the presence of Innovation Place.

"Both parks have had a successful year and obviously have a significant impact on the province, bolstering the science and technology sector," Minister responsible for Saskatchewan Opportunities Corporation (SOCO) Eric Cline said. "We can look forward to many scientific advancements in the province's next century because of the work of the companies at our research parks."

"Innovation Place and the Regina Research Park have had a strong year and we look forward to another year of growth," SOCO President and Chief Executive Officer Doug Tastad said. "Our corporation will also be focusing on the grand opening of the Saskatchewan Forest Centre Building in Prince Albert and making that centre of excellence as successful as our other developments."

Innovation Place has fostered knowledge clusters in fields such as agriculture, information technologies, resources and the life sciences. At the Regina Research Park the main focus is environmental sciences, petroleum technology and information technology. The parks provide specialized infrastructure, including state-of-the-art facilities supported by technical and business services, to help move important discoveries into the marketplace.

The cost of the economic impact survey was $4,325.

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For More Information, Contact:

Austin Beggs Innovation Place Saskatoon Phone: (306) 933-7464 Email: austin@innovationplace.com Cell: (306) 227-1636

Corrin Harper Insightrix Saskatoon Phone: (306) 657-5640