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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.

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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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