Huntsville, Ala. — Today the HudsonAlpha Institute for Biotechnology announced the results of a new report showing that HudsonAlpha has generated $3.2 billion in economic impact for the state of Alabama. The analysis, conducted by the Center for Management & Economic Research at the University of Alabama in Huntsville (UAH), outlines HudsonAlpha’s economic impacts on employment, revenue and capital expenditures from 2006 to 2020.
The results reflect the impact of the entire HudsonAlpha biotech campus, combining economic data from the nonprofit HudsonAlpha and 34 of the resident associate companies. Economic impact estimations attempt to compile the impacts of an entity on the specified economy. The report summarizes the impact of the economic output and jobs resulting from HudsonAlpha’s presence.
“HudsonAlpha has a proven track record of success for job growth, scientific advancements, and economic impact,” said Carter Wells, HudsonAlpha vice president for economic development. “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.”
“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. My administration has been proud to support HudsonAlpha and we all look for more great things in the future,” said Alabama Governor Kay Ivey.
Highlights of the new report include:
- Overall economic impact of $3.2 billion from 2006-2020, a $750 million increase from the end of 2018;
- The total jobs impact on the State by the HudsonAlpha campus was 2,348 in 2020;
- The total payroll associated with HudsonAlpha and the associate biotech companies was approximately $147 million in 2020 and $1.1 billion since 2006;
- Adding $11.6 million in tax revenue in 2020, a total of $74.6 million since 2006. As a non-profit, tax-exempt entity, HudsonAlpha generates taxes in certain areas of operations but fewer per dollar than for-profit companies;
- In 2020, the capital (construction and equipment) expenditures impact totaled $21.6 million. From 2006 to the end of 2020, the capital expenditures on the HudsonAlpha campus totaled $207.5 million.
“HudsonAlpha is a global leader in genomic research and discovery,” said Rick Myers, PhD, HudsonAlpha president, science director and M. A. Loya Chair in Genomics. “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.”
HudsonAlpha and resident associate companies co-located and interacting on the biotech campus in Cummings Research Park (CRP) have continued to expand their footprint in multiple sectors across the biosciences including research, testing and medical labs, drugs and pharmaceutical, agriculture feedstock and chemicals, and medical devices and equipment.
“The innovation that we have seen on the campus since we opened the doors continues to amaze me,” said Jim Hudson, HudsonAlpha co-founder and chairman of the board. “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.”
HudsonAlpha is poised for further growth through new construction on the biotech campus. Over the next two years, HudsonAlpha’s Center for Plant Science and Sustainable Agriculture will open 13,000 square feet of greenhouse, laboratory and education space. In addition, resident associate company Discovery Life Sciences will open its 96,000 square foot global headquarters.
About HudsonAlpha: HudsonAlpha Institute for Biotechnology is a nonprofit institute dedicated to developing and applying scientific advances to health, agriculture, learning, and commercialization. The HudsonAlpha biotechnology campus consists of 152 acres nestled within Cummings Research Park, the nation’s second largest research park. The state-of-the-art facilities co-locate nonprofit scientific researchers with entrepreneurs and educators. HudsonAlpha is a national and international leader in genetics and genomics research and biotech education and fosters more than 45 diverse biotech companies on campus. To learn more about HudsonAlpha, visit hudsonalpha.org.