This paper examines the main contributions of universities to the economic growth of Spanish regions. It calculates the separate effects of the different university functions on the regional economy, namely the creation of human capital, research and technology transfer. It includes a panel data set with the key variables of university activities and their effects on the economy at provincial level. The econometric estimations are based on information for all 47 public universities and include 34 Spanish provinces. The empirical results suggest that the growth of regional GVA is positively correlated to both the human capital created by universities and the stock of university patents.