| Abstract: | This article investigates the role of universities in the economic development of American metropolitan regions during the Great Recession (2007–2009) and the growth period prior to it (2001–2007). It develops a supply‐side conceptual framework on the role of universities in technology‐led regional economic development. Specifically, this framework highlights three “university products” that can be explicitly defined and measured: educational services, business services, and new knowledge or technology. The empirical test of this conceptual framework finds that the presence of universities is positively associated with regional economic performance during the Great Recession, mainly via the educational services product. Findings indicate that regions with a higher level of university science, technology, engineering, and mathematics graduates are more resilient to the economic recession. |
