This report examines R&D performed by U.S. higher education institutions. It discusses funding by source and S&E field for R&D activities and equipment and provides information on research space. Academic R&D has grown every year since 1975 and remains focused on basic research. Most of it is performed by a small percentage of U.S. higher education institutions. The federal government funds over half of academic R&D, although institutional support represents an increasing share. Growth in research space has largely been in biological and biomedical sciences, while equipment expenditures are similar to those a decade ago. [SRI International, Center for Innovation Strategy and Policy, assisted with report preparation. Additional context on the subjects covered in this report is available in other "Indicators 2020" reports: "Research and Development: U.S. Trends and International Comparisons. Science and Engineering Indicators 2020. NSB-2020-3" (ED615506); "Higher Education in Science and Engineering. Science & Engineering Indicators 2020. NSB-2019-7" (ED599398); and "Science and Engineering Labor Force. Science and Engineering Indicators 2020. NSB-2019-8" (ED615505).]