Huntsville, Ala. — The HudsonAlpha Institute for Biotechnology has generated more than $1.3 billion in economic impact for the State of Alabama since 2006, according to a recent economic impact analysis conducted by the University of Alabama in Huntsville. Additionally, HudsonAlpha and its resident associate companies have had a positive employment impact on the state, growing each year to reach 1,177 (direct and multiplier) jobs in 2014.
“HudsonAlpha continues to play a prominent role as a global leader in genomic research and discovery. We know HudsonAlpha brings tremendous economic value to Alabama, but we are so pleased to have this study to show the extent of the impact for our state,” said Richard M. Myers, Ph.D., HudsonAlpha’s President and Science Director. “The best part is, we are just beginning to hit our stride.”
HudsonAlpha is a nonprofit organization founded by innovators Jim Hudson and Lonnie McMillian to translate the promise of genomic research into real-world benefits for people and their communities. Its mission spans genomic research, economic development, and educational outreach. Located in Huntsville, Alabama’s Cummings Research Park on a 152-acre biotech campus, HudsonAlpha facilities include the state-of-the-art 270,000 square foot building designed to foster collaboration between scientific research teams, educators, entrepreneurs and the community. Throughout Alabama, HudsonAlpha collaborates with research universities and institutes, economic development organizations as well as educators at various grade levels.
“HudsonAlpha is a great asset to the State of Alabama, and today’s report is a testament to the role HudsonAlpha has made in our state both in job creation and research and discovery. In a brief period of time, HudsonAlpha has strengthened Alabama’s position in the life science field. HudsonAlpha is a key player in the state’s economic development strategic plan, Accelerate Alabama, because of its ability to create jobs for the people in Alabama. I look forward to continuing the growth of the life sciences in Alabama,” said Alabama Governor Robert Bentley.
A major element of the HudsonAlpha mission is to support life science entrepreneurs and companies to improve their potential for success. Two measures of HudsonAlpha’s success are: growth in the number of life science companies and the average tenure of a company on the Institute’s campus. In 2007 HudsonAlpha began with five associate companies, and by the end of 2014 this number had grown to 28. The average length of time companies have been associated with HudsonAlpha has risen to 4.5 years in 2014. The average tenure of associate companies has increased each year even with the acquisition of several successful companies since 2006.
“This study shows the unique model that Lonnie (McMillian) and I envisioned is not only working, but exceeding our expectations. We are achieving our goals for moving discoveries to the marketplace while creating a life science hub in North Alabama,” said Jim Hudson, co-founder of HudsonAlpha.
“Economic Impact Analysis, 2006-2014, for the HudsonAlpha Institute for Biotechnology” was prepared by the Center for Management & Economic Research at the University of Alabama in Huntsville. This study reflects the impact of the entire biotech campus, combining economic data from the nonprofit HudsonAlpha as well as more than two-dozen, for-profit associate companies that call HudsonAlpha “home.”
This study summarizes the impact of the economic output and jobs resulting from HudsonAlpha’s presence. Economic impact estimations attempt to summarize the impacts on the specified economy.
The analysis indicates that 710 direct jobs (full-time and part-time) and 467 multiplier jobs, for a total of 1,177 jobs in 2014, were impacted by HudsonAlpha and the associate companies. The rate of job growth during the period of the study was 23 percent annually. The total payroll associated with these jobs was $66,286,000 in 2014 and $491,086,000 cumulative since 2006. In 2014, the average annual wage from direct jobs was $72,917.
“We are proud of the findings from this study, and all of us working at HudsonAlpha are re-energized as we continue to build a destination for innovation in the life sciences,” said Carter Wells, HudsonAlpha Vice President for Economic Development.
About HudsonAlpha: HudsonAlpha Institute for Biotechnology is a nonprofit institute dedicated to innovating in the field of genomic technology and sciences across a spectrum of biological challenges. Founded in 2008, its mission is four-fold: sparking scientific discoveries that can impact human health and well-being; bringing genomic medicine into clinical care; fostering biotech entrepreneurship; and encouraging the creation of a genomics-literate workforce and society. The HudsonAlpha biotechnology campus consists of 152 acres nestled within Cummings Research Park, the nation’s second largest research park. Designed to be a hothouse of biotech economic development, HudsonAlpha’s state-of-the-art facilities co-locate nonprofit scientific researchers with entrepreneurs and educators. The relationships formed on the HudsonAlpha campus encourage collaborations that produce advances in medicine and agriculture. Under the leadership of Dr. Richard M. Myers, a key collaborator on the Human Genome Project, HudsonAlpha has become a national and international leader in genetics and genomics research and biotech education, and includes 29 diverse biotech companies on campus. To learn more about HudsonAlpha, visit: http://hudsonalpha.org/.