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updated: 8/26/2011 7:05 AM

Indiana University research tops $500 million

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Associated Press

BLOOMINGTON, Ind. -- Indiana University says its spending on research topped $500 million in a single fiscal year for the first time ever.

The school announced Thursday that it spent a record-breaking $509 million on faculty research projects during the 2010-11 fiscal year that ended on June 30. That's a 7 percent increase from the previous fiscal year.

IU President Michael A. McRobbie said faculty and staff "should feel immense pride in this extraordinary achievement" because research is vital to the school's growth.

The university says the $509 million its faculty spent on research represents about a $1.2 billion economic impact on the state of Indiana.

IU's economic impact is reflected in the number of start-up companies the university has helped launch, particularly those in information technology and the life sciences.

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