Study reveals HudsonAlpha generated $2.45B impact on Alabama economy
A new study by the Center for Management & Economic Research at the University of Alabama in Huntsville found the HudsonAlpha Institute for Biotechnology has generated a $2.45B impact on Alabama’s economy.
The study, which was released Monday, measured impacts from employment, revenue and capital expenditures, including construction and equipment purchases. The institute’s largest impact dollar-wise, 71%, was due to its research, testing, and medical labs.
“HudsonAlpha has been instrumental in growing the business of biotech in North Alabama. Just over ten years ago, there were only a few people and companies dedicated to working in biotech, but now HudsonAlpha has a remarkable track record of success and growth,” said Jim Hudson, co-founder of HudsonAlpha. “These numbers show that the model we [Hudson and co-founder Lonnie McMillian] created works and that we’re positioned for the future.”
According to HudsonAlpha, the study evaluated data through 2018 from more than 30 resident associate companies. The company now serves more than 40 resident associate companies.
“This study reflects our ability to train, recruit and retain top biotech talent in Alabama and help strengthen the state’s economy,” Rick Myers, PhD, HudsonAlpha president and science director stated. “It’s important to have our campus contribute economic value and provide higher-wage jobs in Alabama in an industry that is advancing human healthcare and the sustainability of food and energy resources.”
According to the study, “HudsonAlpha has contributed 2,063 direct and multiplier jobs to Alabama with an estimated $863 million in payroll since 2006.”
“HudsonAlpha is a critical component to Alabama being in position to expand our bioscience activity,” Alabama Gov. Kay Ivey stated. “The positive impact of HudsonAlpha and the 40+ biotech companies to Alabama’s economy is remarkable but there is so much more that they do for our state.”
She added, “HudsonAlpha is making breakthroughs on cancer, working with Alabama farmers for better crops, diagnosing rare disease for children and educating students, teachers and the public. I can’t wait to see what’s next for HudsonAlpha.”
Kyle Morris also contributes daily to Breitbart News. You can follow him on Twitter @RealKyleMorris.