The HudsonAlpha Institute for Biotechnology on Monday reported that the organization had generated $3.2 billion in economic impact for the state of Alabama.
The announcement comes on the heels of an analysis study conducted by the Center for Management and Economic Research at the University of Alabama in Huntsville. The report measured the Huntsville-based institute’s economic impacts on employment, revenue and capital expenditures from 2006 to 2020.
According to HudsonAlpha, the results reflect the impact of the organization’s biotech campus and combined data from the nonprofit and 34 of its resident associate companies.
Carter Wells, HudsonAlpha vice president for economic development, suggested that the study’s results stemmed from collaboration with partnering entities.
“HudsonAlpha has a proven track record of success for job growth, scientific advancements, and economic impact,” proclaimed Wells. “This report energizes us and inspires us to build on our strengths and look for new ways to innovate. More and more people are drawn to working in HudsonAlpha’s thriving, dynamic and collaborative environment. We are honored that so many have chosen to make HudsonAlpha’s biotech campus home.”
Gov. Kay Ivey hailed the results and touched on the industrial prowess of the Tennessee Valley and the state as a whole.
“The figures presented in this economic impact study show that HudsonAlpha’s foundation is strong, the bioscience community in North Alabama and across the state is growing, and HudsonAlpha continues to contribute to the economic health of our state,” advised Ivey. “My administration has been proud to support HudsonAlpha and we all look for more great things in the future.”
HudsonAlpha noted that the $3.2 billion economic impact figure represented a $750 million increase from the end of 2018. The institute’s total jobs impact on Alabama stemming from its campus was 2,348 in 2020.
The payroll impact from the nonprofit and its associated biotech companies was approximately $147 million in 2020. The overall total payroll impact since 2006 was $1.1 billion.
In terms of tax revenue, HudsonAlpha, from certain taxable business operations, contributed $11.6 million in 2020 and a total of $74.6 million since 2006.
Additionally, the institute’s capital expenditures impact in 2020 totaled $21.6 million. From 2006 to 2020, construction and equipment expenditures were a combined $207.5 million.
HudsonAlpha president and science director Rick Myers praised his organization’s role in contributing to the state’s industrial might.
“HudsonAlpha is a global leader in genomic research and discovery,” declared Myers. “This report tells the story that those working on the HudsonAlpha campus, both in the nonprofit research labs and the co-located biotech companies, are improving our state’s economy.”
The institute and its associate companies continue to expand operations across multiple bioscience sectors to include research, testing and medical labs, drugs and pharmaceutical, agriculture feedstock and chemicals, and medical devices and equipment.
Jim Hudson, HudsonAlpha co-founder and chairman of the board, touted the institute’s associate companies’ leadership in confronting challenges posed by the COVID-19 pandemic.
“The innovation that we have seen on the campus since we opened the doors continues to amaze me,” said Hudson. “In 2020, so many of our associate companies stepped up and contributed to the pandemic response locally, throughout the state, and across the country. These companies made an economic impact that was reflected in this report, but they made a positive impact in the lives of countless people.”
The institute further advised that it was set for additional expansion by way of new construction on the biotech campus. HudsonAlpha’s Center for Plant Science and Sustainable Agriculture over the next two years will unveil 13,000 square feet of greenhouse, laboratory and education space.
Additionally, resident associate company Discovery Life Sciences will open its 96,000 square-foot global headquarters.
Dylan Smith is a staff writer for Yellowhammer News. You can follow him on Twitter @DylanSmithAL
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December 07, 2021 at 03:00AM
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HudsonAlpha Institute for Biotechnology generates $3.2B of economic impact in Alabama - Yellowhammer News
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