PHOENIX, Ariz. Sept. 29, 2009 The Translational Genomics Research Institute (TGen) provides Arizona with an annual total economic impact of $77.4 million, according to the results of an independent analysis released today.
Including spin-off businesses and commercialization of TGen-led research, a study by the research firm Tripp Umbach predicts TGen's total annual economic impact will grow to $321.3 million by 2025.
"As we make important and significant contributions to the local economy, TGen is helping place Arizona on the world biosciences map through our cutting-edge discoveries in cancer, neurological, cardiovascular and infectious-disease research,'' said Dr. Jeffrey Trent, TGen's President and Research Director.
TGen acting as Arizona's "collaborative catalyst" in the fields of biomedicine and bioscience has outpaced all previous performance marks and projections made in a December 2006 economic impact report by Tripp Umbach.
TGen by 2008, the new study shows, more than doubled the results recorded just two years ago in its return on investment, jobs, taxes paid and total economic impact.
The new report concludes that TGen operations in 2008 produced $8.09 for every $1 invested by the State of Arizona, 461 full-time jobs (directly and indirectly), generated $2.7 million in state taxes, and produced a direct annual economic impact of $44.5 million.
When the impact of TGen-generated business spin-offs and commercialization are included, the study shows, TGen in 2008 produced $14.07 for ever $1 invested by the state, $5.7 million in taxes and $77.4 million in total annual economic impact.
"TGen has certainly kept its promise to the State of Arizona to be a strong economic engine,'' said Paul Umbach, the President of Pittsburgh-based Tripp Umbach. "Our updated analysis shows dramatic increases in economic, employment, and government revenue impacts on Arizona's economy. As a result of T
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The Translational Genomics Research Institute