Earlier this month, Battelle, an Ohio based company, providing services to economic development organizations across the US, released a biennial report on the North Carolina Biotech Center in RTP. As Norris Tolson, President and CEO of the NC Biotech Center explains, this study, among other things shows the impact of the tax dollars used to run NC Biotech:
“What we tried to do with the Battelle study was have an independent source validate whether or not we are getting a good return on our investment because we are spending taxpayer money for what we do here.
That that report clearly showed, is that North Carolina is clearly getting a really good return in terms of jobs created, eventual wealth created in North Carolina, and companies that we create and assist to help grow. Also, the report shows that this industry puts about $1.7 billion a year in tax coffers.
When you look at that, you would say it’s a pretty good return on investment.
The other fascinating thing about the report is even during the recession, we found that the rate of job creation increased. Peripheral jobs that this industry created according to the last time we did the report was about 3.5 jobs for every direct job. This time the report said it was 4.02 jobs per direct job, so we now 237,000 North Carolinians who earn their living directly, or indirectly, from the Life Sciences and BioTech industry. Those include manufacturing jobs, and research and support. When we say peripheral jobs, those are the people who make the boxes to put the stuff in and the other support organizations that need to be around a manufacturing industry.”
We’ll be hearing more on the Battelle study and the role of the NC Biotech Center, especially going into the future all this week on Today’s Topic.