New Bush Institute report reveals nation’s strongest innovation districts

New Bush Institute report reveals nation’s strongest innovation districts

 Report reveals winners on prosperity and housing metrics

DALLAS, TEXAS | Oct 01– The George W. Bush Institute-SMU Economic Growth Initiative released a report demonstrating that America’s innovation districts – compact urban areas where knowledge-generating institutions and leading-edge companies cluster together to stimulate creativity, collaboration, innovation, and entrepreneurship – are growing and delivering significant economic development and opportunity in their immediate surrounding areas.

This report presents new data on the performance of America’s urban innovation districts as economic development engines, updating data reported in a previous analysis based on 2020 data. This new information shows that these districts are delivering significant economic benefits for surrounding neighborhoods, measured by prosperity metrics, such as population growth, incomes, commuting times, and housing development.

Districts that stand out for their strong performance on prosperity metrics include the following:

• Cortex Innovation District (St. Louis, Mo.)
• Kendall Square (Cambridge, Mass.)
• Pittsburgh Innovation District (Pittsburgh, Pa.)
• Research Triangle Park (Raleigh-Durham, N.C.)
• South Lake Union (Seattle, Wash.)
• Tech Square (Atlanta, Ga.)
• uCity Square (Philadelphia, Pa.)
• University of Utah Research Park (Salt Lake City, Utah)

Additionally, the data shows that neighborhoods surrounding innovation districts are also experiencing considerably greater housing price pressures than they saw in the 2010s, reflecting rapid growth in housing demand.

Districts that stand out for their strong performance on housing and neighborhood stability metrics include the following:

• Cleveland Health-Tech Corridor (Cleveland, Ohio)
• Pegasus Park (Dallas, Texas)
• Research Triangle Park (Raleigh-Durham, N.C.)
• St. Pete Innovation District (Tampa-St. Petersburg, Fla.)
• Tech Parks Arizona (Tucson, Ariz.)
• Winston-Salem Innovation Quarter (Winston-Salem, N.C.)

“Housing challenges are now far more pronounced than they were when we wrote our previous report based on 2020 data,” said Cullum Clark, author of this report and Fellow at the George W. Bush Institute-SMU Economic Growth Initiative. “Almost half the district leaders in our survey say that housing availability and price are constraining the growth and success of their innovation districts.”

The report shares findings from a new survey of innovation district leaders. The results highlight several priorities for today’s leaders: accelerating mixed-use development, making better use of underutilized spaces, enriching programming for district tenants, building essential infrastructure, and adding more restaurants, greenspace, and other amenities that enhance quality of life.

The following six new districts have been added to the dataset compared to the last report in 2024:

• 195 District (Providence, R.I.)
• BioPark (Baltimore, Md.)
• Buffalo Niagara Medical Campus (Buffalo-Niagara, N.Y.)
• LSU Innovation Park (Baton Rouge, La.)
• Sandia Science & Technology Park (Albuquerque, N.M.)
• St. Pete Innovation District (Tampa-St. Petersburg, Fla.)

While this data shows immense opportunity, many of the nation’s innovation districts currently face growing headwinds, including rising vacancy rates, unpredictable policy changes at the federal and state levels, and above all surging housing market pressures.

The report states federal, state, local, and university leaders should continue to invest in the growth of innovation districts – but they’ll also need to address current challenges to ensure their future success. Strategies include encouraging expanded federal research funding, infrastructure investment, supportive land-use and housing policies, and, in some cases, direct financial assistance.

America’s innovation districts are a success story, playing a central role in the nation’s innovation economy and contributing to the revitalization and growth of many U.S. cities. Despite the new headwinds faced by these districts, both governmental entities and private organizations are poised to make positive changes going forward. Through the strategic prioritization of funding and prudent policy, innovation districts can continue to act as engines of opportunity across the nation.