Tripp Umbach, a national leader in economic forecasting, also concludes in its 2009 report that -- to continue TGen's progress and accelerate commercial development - state support for TGen can create even greater economic impact in future years.
"TGen has produced a significant return on investment to the State of Arizona. In order to continue to accelerate TGen's growth and the growth of Arizona's bioscience/biomedical sector, TGen would benefit from continued support from the State of Arizona,'' the report said.
Tripp Umbach's recent analysis parallels a Flinn Foundation report, released in January, which showed that since 2002: Arizona bioscience research and development reached $415 million in 2007, a 48 percent gain; Arizona bioscience jobs grew 23 percent; and the number of bioscience establishments grew by 22 percent - far outpacing the national average in all three categories.
Impacts of TGen Operations
TGen Return on Investment (for every $1 from the State of Arizona) 2008 - $8.09 2015 - $15.50 2025 - $30.20
TGen Jobs in Arizona 2008 - 461 2015 - 1,166 2025 - 2,332
TGen Tax Revenues for Arizona 2008 - $2.7 million 2015 - $6.5 million 2025 - $13.4 million
TGen Annual Economic Impact on Arizona 2008 - $44.5 million 2015 - $85.3 million 2025 - $166.1 million
Including TGen-led research and commercialization
TGen-generated Return on Investment 2008 -$14.07 2015 - $26.44 2025 - $58.42
TGen-generated Jobs in Arizona 2008 - 703 2015 - 2,327 2025 - 4,116
TGen-generated Tax Revenues for Arizona 2008 - $5.7 million 2015 - $11.9 million 2025 - $27.4 million
TGen-generated Annual Economic Impact on Arizona 2008 - $77.4 million 2015 - $145.4 million 2025 - $321.3 million
Source: The Translational Genomics Research Institute