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The Economic Contributions of Utah's Life Science Industry

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The Economic Contributions of Utah's Life Science Industry Fact Sheet Updated August 2018 The Economic Contribution of Utah’s Life Science Industry Utah’s life science industry comprises a diverse spectrum Life ScieLifence9.0% ScienceEm ploy mEmploymentent Compar Compareded to All Se toct oAllrs ,Sectors, Utah 199 Utah6–201 6 8.0% 7.9% of economic activity, from research and development to 1996–20169.0% 7.0% 6.7% 7.9% manufacturing, providing goods, services, and technologies 8.0%350 5.9% 6.0% 6.7%Life science that advance personal health. 7.0%300 $7.7 5.0% All sectors 5.9% 6.0%250 4.0% 87,608 $4.3 $7.7 Total Economic Contribution of Utah’s Life 5.0%200 3.0% 87,608 Science Industry, 2017 4.0%150 $4.3 2.0% Share of Utah Economy 3.0%100 $5.3 • More than 130,000 jobs (6.7% of all Utah jobs) 1.0% 42,831 $3.3 2.0% Share of Utah Economy 50 $5.3 • $7.6 billion in personal income (5.9% of all Utah Jobs Index (1996 = 100) 0.0% 1.0% 42,831 $3.3 personal income) 0 Employment Personal Income GDP 0.0% (Jobs) (Billions) (Billions) 2004 2014 • $13.0 billion in state gross domestic product Employment1996 1998 2000 Personal2002 Income2006 2008 2010 GDP2012 2016 (7.9% of Utah GDP) Note: Employment includes(Jobs) full-timeDirect and part-time(Billions) jobs.Indirect and Induced(Billions) Source: Utah Department of Workforce Services and Kem C. Gardner Policy Institute. Direct Economic Activity of Utah’s Life Direct Indirect and Induced Science Industry, 2017 Average Compensation, Utah Life Science vs. All Sectors, • Number of establishments: 1,038 Utah 2017 $100,000 • Full-time and part-time jobs: 42,831; result of 3.3 percent $90,000 +46.3% Average$100,000 2016 Ea rnings, Utah Life science vs. All Sectors average annual growth over the last 15 years, more than $80,000 $90,000$70,000 +46.3% $80,000 twice the average pace of growth across all sectors $60,000 +56.8% • Employee earnings: $3.3 billion $70,000$50,000$80,000 $60,000$40,000$70,000 $86,396 • Average compensation per job: $86,396, 46 percent $50,000$30,000$60,000 $59,070 $40,000 $86,396 higher than the statewide average for all jobs $20,000$50,000 $30,000 $59,070 • Sales: $9.6 billion $10,000$40,000 All Sectors Life$77,556 Science Average Annual Compensation $20,000$0 $30,000 $10,000 All $49,477Sectors Life Science Average Annual Compensation $20,000$0 Utah Life Science Economic Contribution, 2017 (including benets) Average Annual Earnings $10,000 All Sectors Life Science Source: Kem C. Gardner$0 Policy Institute, Utah Department of Workforce Services, and 9.0% Bureau of Economic Analysis. 8.0% 7.9% 7.0% 6.7% 6.0% 5.9% Employment in Life Science and Selected Sectors, Utah 2017 $7.7 5.0% Federal Civilian 33,680 4.0% 87,608 $4.3 3.0% PersonalFederal CivilianServices 33,68038,057 2.0% Share of Utah Economy $5.3 PersonalPrivate HospitalsServices 38,05738,182 $3.3 1.0% 42,831 Life PrivateSciences Hospitals Industry 38,18242,831 0.0% Life Science and Selected Sectors, Utah Jobs in 2016 Employment Personal Income GDP SecuritiesLife Sciences and Investments Industry 42,83145,137 (Jobs) (Billions) (Billions) SecuritiesCredit and Intermediation Investments 45,13748,265 Direct Indirect and Induced Social assistance Credit Intermediation 0 10,000 20,000 30,00026,584 40,00048,265 50,000 Nursing/res. care facilities Note: Employment includes full-time and part-time jobs. Earnings is the total value of Jobs27,084 wages and benefits. Indirect economic contributions include induced effects. Arts, ent., and rec. 0 10,000 20,000 30,00029,815 40,000 50,000 Source: Kem C. Gardner Policy Institute analysis of data from the Utah Department of Note:General Employment merchandising includes full-time and part-time jobs. Jobs 31,071 Workforce Services, Utah Governor's Office of Economic Development, and Bureau of Source:Life Utah science Department – direct of Workforce Services and Kem C. Gardner Policy Institute. Economic Analysis, using the REMI PI+ economic model. 34,352 $100,000 Credit intermediation $90,000 +46.3% 36,129 Information services $80,000 38,152 These summary statistics are the result of a Gardner Policy Institute study commissioned by the Utah Governor’s Office of Economic Development (GOED) and BioUtah. GOED and $70,000 Other services 39,954 Gardner Policy Institute staff reviewed best practices for identifying life science companies using the North American Industry Classification System (NAICS), ultimately including $60,000 Educational services 44,639 1,038 Utah establishments from 31 NAICS sectors in the analysis. The Utah Department of Workforce Services (DWS) provided aggregate wage and employment data, which $50,000 0 10,000 20,000 30,000 40,000 50,000 researchers used to perform economic contribution analysis employing$86,396 REMI regional economic modeling software. $40,000 Jobs $30,000 $59,070 INFORMED$20,000 DECISIONSTM gardner.utah.edu $10,000 All Sectors Life Science Average Annual Compensation $0 Federal Civilian 33,680 Personal Services 38,057 Private Hospitals 38,182 Life Sciences Industry 42,831 Securities and Investments 45,137 Credit Intermediation 48,265 0 10,000 20,000 30,000 40,000 50,000 Jobs Partners in the Kem C. Gardner Policy Institute Advisory Board Community Conveners Cameron Diehl Cristina Ortega Ex Officio (invited) Lisa Eccles Jason Perry The following individuals Michael O. Leavitt Governor Gary Herbert Spencer P. Eccles Ray Pickup and entities help support Mitt Romney Speaker Brad Wilson Christian Gardner Gary B. Porter the research mission of the Senate President Board Kem C. Gardner Taylor Randall Kem C. Gardner Policy Institute. Stuart Adams Scott Anderson, Co-Chair Kimberly Gardner Jill Remington Love Representative Brian King Legacy Partners Gail Miller, Co-Chair Natalie Gochnour Josh Romney Senator Karen Mayne Brandy Grace Charles W. Sorenson The Gardner Company Doug Anderson Mayor Jenny Wilson Deborah Bayle Clark Ivory James Lee Sorenson Mayor Erin Mendenhall Intermountain Healthcare Cynthia A. Berg Mike S. Leavitt Vicki Varela Clark and Christine Ivory Roger Boyer Derek Miller Ruth V. Watkins Foundation Wilford Clyde Ann Millner Ted Wilson KSL and Deseret News Sophia M. DiCaro Sterling Nielsen Larry H. & Gail Miller Family Foundation Mountain America Credit Union Kem C. Gardner Policy Institute Staff and Advisors Mitt and Ann Romney Leadership Team Staff Salt Lake City Corporation Natalie Gochnour, Associate Dean and Director Samantha Ball, Research Associate Salt Lake County Jennifer Robinson, Associate Director Mallory Bateman, Senior Research Analyst University of Utah Health Shelley Kruger, Accounting and Finance Manager DJ Benway, Research Analyst Colleen Larson, Administrative Manager Marin Christensen, Research Associate Utah Governor’s Office of Dianne Meppen, Director of Survey Research Mike Christensen, Scholar-in-Residence Economic Development Pamela S. Perlich, Director of Demographic Research John C. Downen, Deputy Director of Economic WCF Insurance Juliette Tennert, Director of Economic and and Public Policy Research Zions Bank Public Policy Research Dejan Eskic, Senior Research Analyst Nicholas Thiriot, Communications Director Emily Harris, Demographer Executive Partners James A. Wood, Ivory-Boyer Senior Fellow Michael T. Hogue, Senior Research Statistician Mark and Karen Bouchard Mike Hollingshaus, Demographer Faculty Advisors Thomas Holst, Senior Energy Analyst The Boyer Company Matt Burbank, Faculty Advisor Meredith King, Research Associate Salt Lake Chamber Adam Meirowitz, Faculty Advisor Jennifer Leaver, Senior Tourism Analyst Levi Pace, Senior Research Economist Sustaining Partners Senior Advisors Shannon Simonsen, Research Coordinator Clyde Companies Jonathan Ball, Office of the Legislative Fiscal Analyst Joshua Spolsdoff, Research Economist Dominion Energy Gary Cornia, Marriott School of Business Paul Springer, Senior Graphic Designer Theresa Foxley, EDCUtah Laura Summers, Senior Health Care Analyst Dan Griffiths, Tanner LLC Natalie Young, Research Analyst Roger Hendrix, Hendrix Consulting Joel Kotkin, Chapman University Darin Mellott, CBRE Chris Redgrave, Zions Bank Bud Scruggs, Cynosure Group Wesley Smith, Western Governors University Kem C. Gardner Policy Institute I 411 East South Temple Street, Salt Lake City, Utah 84111 I 801-585-5618 I gardner.utah.edu.
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