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Fact Sheet February 2018 Life Science Employment Compared to All Sectors, Utah 1996–2016

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Fact Sheet February 2018 Life Science Employment Compared to All Sectors, Utah 1996–2016 Fact Sheet February 2018 Life Science Employment Compared to All Sectors, Utah 1996–2016 350 Life science 300 All sectors 250 Life Science200 Em ployment Compared to All Sectors, Utah 1996–2016 The Economic Contribution of Utah’s150 Life Science Industry 100350 Life Science EmploymenLifet Co sciencempa red to All Sectors, Utah 1996–2016 Utah’s life science industry comprises a diverse spectrum Life 300Science50 Employment Compared to All Sectors, Utah 1996–2016Jobs Index (1996 = 100) All sectors of economic activity, from research and development to 2500 manufacturing, providing goods, services, and technologies 200350 Life science 2004 2014 that advance personal health. 300 1996 1998 2000 2002 2006 2008 2010 2012 2016 150 All sectors 100250 Total Economic Contribution of Utah’s Life 20050 Science Industry, 2016 Jobs Index (1996 = 100) 1500 • More than 70,000 jobs (3.7 percent of all Utah jobs) 100 2004 2014 50 1996 1998 2000 2002 2006 2008 2010 2012 2016 • $4.7 billion in earnings (4.9 percent of all Utah earnings) Jobs Index (1996 = 100) • $7.1 billion in state gross domestic product Average 2010 6 Earnings, Utah Life science vs. All Sectors 2004 2014 (4.5% of Utah GDP) 1996 1998 2000 2002 2006 2008 2010 2012 2016 +56.8% Note: Employment$80,000 includes full-time and part-time jobs. Direct Economic Activity of Utah’s Life Source: Utah$70,000 Department of Workforce Services and Kem C. Gardner Policy Institute. Science Industry, 2016 $60,000 • Number of establishments: 998 AverAverageage 201$50,0006 Earnings, Ear nings ,Utah Utah Life Life Science science vs. vs .All All Sectors, Sectors Utah $77,556 • Full-time and part-time jobs: 34,352; result of 5.6 percent 2016 $40,000 $30,000 +56.8% $80,000 $49,477 average annual growth over the last 20 years, more than $20,000 Average (including benets) 2016 Earnings, Utah Life science vs. All Sectors twice the average pace of growth across all sectors $70,000 Average Annual Earnings $10,000 $60,000 All Sectors Life Science • Employee earnings: $2.7 billion $0 $50,000 +56.8% • Average earnings per job: $77,556, 56.8 percent higher than $80,000 $70,000$40,000 $77,556 the statewide average for all jobs $30,000 $60,000 $49,477 • Sales: $7.4 billion $20,000 (including benets) $50,000 Average Annual Earnings $10,000 $77,556 $40,000 All Sectors Life Science $30,000$0 Utah Life Science Economic Contribution, 2016 $49,477 Utah Life Science Economic Contribution, 2016 $20,000 Source:(including benets) Kem C. Gardner Policy Institute, Utah Department of Workforce Services, and Average Annual Earnings $10,000 6.0% Bureau of Economic Analysis. All Sectors Life Science 4.9% $0 $4.7 billion 4.5% 5.0% $7.1 billion 3.7% Life Science and Selected Sectors, Utah Jobs in 2016 Employment in Life Science and Selected Sectors, Utah 4.0% 70,395 jobs $2.0 $3.0 2016 3.0% 36,043 Social assistance 26,584 Nursing/res. care facilities 2.0% 27,084 Arts, ent., and rec. 29,815 $2.7 $4.1 Life Science and Selected Sectors, Utah Jobs in 2016 General merchandising 31,071 Share of Utah Economy 1.0% 34,352 Life science – direct 34,352 0.0% Credit intermediation 36,129 Employment Earnings GDP LifeInformation ScSocialienc eassistance aservicesnd Se lected Sectors, Utah J26,584obs i n 20138,1526 Direct Indirect Nursing/res.Other care facilitiesservices 27,084 39,954 EducationalArts, ent., servicesand rec. Note: Employment includes full-time and part-time jobs. Earnings is the total value of 29,815 44,639 General merchandising wages and benefits. Indirect economic contributions include induced effects. Social assistance 0 10,000 20,000 30,00031,071 40,000 50,000 Life science – direct 26,584 Source: Kem C. Gardner Policy Institute analysis of data from the Utah Department of Nursing/res. care facilities Jobs 34,352 Credit intermediation 27,084 Workforce Services, Utah Governor's Office of Economic Development, and Bureau of Arts, ent., and rec. 29,81536,129 Economic Analysis, using the REMI PI+ economic model. Note: EmploymentInformation includes services full-time and part-time jobs. Source:General Utah merchandising Department of Workforce Services and Kem C. Gardner Policy 38,152Institute. Other services 31,071 Life science – direct 39,954 Educational services 34,352 Credit intermediation 44,639 These summary statistics are the result of a Gardner Policy Institute study commissioned by the Utah Governor’s Office of Economic Development36,129 (GOED) and Information services 0 10,000 20,000 30,000 40,000 50,000 BioUtah. GOED and Gardner Policy Institute staff reviewed best practices for identifying life science companies using the North American Industry 38,152Classification Other services Jobs 39,954 System (NAICS), ultimately including 998 Utah establishments from 31 NAICS sectors in the analysis. The Utah Department of Workforce Services (DWS) Educational services 44,639 provided aggregate wage and employment data, which researchers used to perform economic contribution analysis employing REMI regional economic 0 10,000 20,000 30,000 40,000 50,000 modeling software. A full report, including updates to the analysis based on 2017 data, is forthcoming. Jobs INFORMED DECISIONSTM gardner.utah.edu PARTNERS IN THE COMMUNITY KEM C. GARDNER POLICY INSTITUTE ADVISORY BOARD The following individuals and entities help support the research mission of the Kem C. Gardner Policy Institute. Conveners Kem C. Gardner Vicki Varela Christian Gardner Ruth V. Watkins Michael O. Leavitt Matthew S. Holland Ted Wilson Legacy Partners Executive Partners Mitt Romney Clark Ivory Natalie Gochnour, The Gardner Company The Boyer Company Ron Jibson Director Intermountain Healthcare Ivory Homes Board Mike S. Leavitt Larry H. & Gail Miller Mark and Karen Bouchard Scott Anderson, Co-Chair Vivian S. Lee Ex Officio Family Foundation Salt Lake Chamber Gail Miller, Co-Chair Kimberly Gardner Martin Mountain America Sorenson Impact Center Senator Orrin Hatch Doug Anderson Ann Millner Credit Union WCF Insurance Governor Gary Herbert Deborah Bayle Sterling Nielsen Salt Lake City Corp. Speaker Greg Hughes Lane Beattie Cristina Ortega Salt Lake County Sustaining Partners Senate President Wayne Cynthia A. Berg Jason Perry University Health Care Niederhauser Clyde Companies Roger Boyer Taylor Randall Utah Governor’s Office of Representative Brian King Dominion Energy Wilford Clyde Jill Remington Love Economic Development Senator Gene Davis Staker Parson Companies Sophia M. DiCaro Brad Rencher Zions Bank Cameron Diehl Mayor Ben McAdams Josh Romney Mayor Jackie Biskupski Lisa Eccles Charles W. Sorenson Spencer P. Eccles James Lee Sorenson Matt Eyring KEM C. GARDNER POLICY INSTITUTE STAFF AND ADVISORS Leadership Team Staff Natalie Gochnour, Director Samantha Ball, Research Associate Jennifer Robinson, Associate Director Mallory Bateman, Research Analyst Dianne Meppen, Director of Survey Research DJ Benway, Research Analyst Pamela S. Perlich, Director of Demographic Research Cathy Chambless, Senior Research Associate Juliette Tennert, Director of Economic and Marin Christensen, Research Associate Public Policy Research Mike Christensen, Scholar-in-Residence James A. Wood, Ivory-Boyer Senior Fellow John C. Downen, Senior Research Analyst Dejan Eskic, Senior Research Analyst Faculty Advisors Emily Harris, Demographic Analyst Adam Meirowitz, Faculty Advisor Michael T. Hogue, Senior Research Statistician Matt Burbank, Faculty Advisor Mike Hollingshaus, Demographer Senior Advisors Thomas Holst, Senior Energy Analyst Jonathan Ball, Office of the Legislative Fiscal Analyst Meredith King, Research Associate Gary Cornia, Marriott School of Business Colleen Larson, Administrative Manager Dan Griffiths, Tanner LLC Shelley Kruger, Accounting and Finance Manager Roger Hendrix, Hendrix Consulting Jennifer Leaver, Research Analyst Joel Kotkin, Chapman University Sara McCormick, Senior Research Associate Darin Mellott, CBRE Angela Oh, Senior Economist Derek Miller, World Trade Center Utah Levi Pace, Research Analyst Chris Redgrave, Zions Bank Joshua Spolsdoff, Research Associate Bud Scurggs, Cynosure Group Nicholas Thiriot, Communications Director Wesley Smith, 24NINE Natalie Young, Research Analyst Kem C. Gardner Policy Institute I 411 East South Temple Street, Salt Lake City, Utah 84111 I 801-585-5618 I gardner.utah.edu DAVID ECCLES SCHOOL OF BUSINESS.
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