Universities Report 8.1% Growth in R&D Expenditures in FY 2024, Reaching Over $117 Billion

https://ncses.nsf.gov/pubs/nsf26305

“Total higher education research and development (R&D) expenditures reached $117.7 billion in FY 2024, an increase of $8.9 billion from FY 2023 (table 1). This total was 8.1% greater than R&D spending by academic institutions in FY 2023. Since FY 2014, higher education R&D has grown at an average compound annual rate of 5.7% in current dollars and 3.0% in constant dollars (figure 1).^​ R&D expenditures funded by federal sources accounted for $5.0 billion of the total increase from FY 2023. Universities’ internally funded R&D expenditures (institution funds) were $2.5 billion greater than in FY 2023, while R&D funded by state and local governments also increased in FY 2024 by $633 million. R&D expenditures funded by businesses increased by $131 million and those funded by nonprofit organizations increased by $16 million. R&D funded by all other sources increased by $530 million in FY 2024.”