A Snapshot of a Burgeoning Industry
Two recent reports were published providing a detailed look into the burgeoning life sciences in Utah. The first report, published by BioUtah in 2018 provides an overview of the industry’s significant presence and economic footprint in the state. The report underscores the industry’s strengths in medical technology, advanced diagnostics, contract manufacturing, biotech, and pharmaceuticals.
The second report produced by the Kem C. Gardner Policy Institute at the University of Utah demonstrates the economic impact of the life sciences industry in Utah. The economic impact report identifies the contribution more than 1,000 life sciences companies have to the state’s GDP. It also provides important data on the number of jobs provided, salaries and locations of the companies servicing the industry.
Major highlights of the reports include:
Utah leads the nation in job growth in the life sciences industry
More than 1,000 life sciences companies in Utah provide 50,000+ jobs, paying a combined total of over $3 billion in employee compensation.
Utah Life Sciences Companies Produce $13B in GDP
Investment in Utah’s life sciences increased from $3.2B in 2010 to $5.2B in 2016.
This report was developed with guidance and input from the Utah Governor’s Office of Economic Development, Economic Development Corporation of Utah, the Kem C. Gardner Policy Institute, and Utah life sciences companies.
The report provides data on the industry’s positive impact on Utah’s economy, outlining its contribution to job growth, employee compensation, and state GDP. Interviews with key leaders of Utah’s life sciences industry provide real-world insight into the industry’s vision, achievements, and commitment to finding cures and helping patients lead longer, healthier lives. The industry benefits from a wealth of programs, resources, and incentives offered through state government, academic institutions, and public-private partnerships. The state’s culture of innovation and collaboration is strong.
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Levi Pace, Ph.D., Senior Research Economist; Joshua Spolsdoff, M.S., Research Economist, Kem C. Gardner Policy Institute, The University of Utah
This report showcases the direct impact that the life sciences industry in Utah has on the state’s economy. It shows how the life sciences industry in Utah is growing faster than any other state in the country. It also demonstrates the impact the industry has on the workforce.
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