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. It benchmarks the United States against other nations, and it looks at how academic R&D investments relate to investments in education and training of students and postdoctoral researchers. Academic R&D 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. [SRI International, Center for Innovation Strategy and Policy, assisted with report preparation. For "Academic Research and Development. Science & Engineering Indicators 2020. NSB-2020-2," see ED615447.]