Today iBIO, Ernst & Young, and the Illinois Science & Technology Coalition released the The Economic Engine of Biotechnology in Illinois Report.
The Economic Engine of Biotechnology in Illinois Report is the first, comprehensive report on the economic impact of the biotechnology industry on the Illinois economy. This report will be used as a baseline for future updates. Ernst & Young used a series of in-depth interviews with industry leaders, combined with a thorough analysis of the data, statistics and metrics from dozens of independent sources to develop the comprehensive analysis of our community.
Topline Results from the report:
Illinois is at the core of the most vibrant biotech cluster in the United States:377,900 employees in more than 16,800 establishments
A Snapshot of the Economic Impact of Illinois Biotechnology:$98.6 Billion in Economic Output—52.4 Direct, 46.2 Indirect/Induced81,000 Direct Jobs, 288,000 Indirect/Induced, for a total of 369,0003,572 Illinois Biotech CompaniesNearly $2.9 Billion in Total State and Local Tax Revenue – 1.1 Billion Direct, 1.8 Indirect/InducedThe release of this report is very exciting. It is the culmination of a year long project, that would not have been posible with out the partnership with Ernst & Young. I hope the community takes ownership of this report and not only celebrates the great success we have experienced, but also the areas where we need to improve. So that our community can continue to grow and in a few years we can once again see the great progress we have made.
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