In order to evaluate the indirect and induced effects resulting from direct economic activity in Utah’s life sciences industry, researchers at the Kem C. Gardner Policy Institute at the University of Utah utilized a 70-sector REMI PI+ model. They incorporated the model to estimate the amount of Utah life sciences output sold in state, out of state, and outside the country, as well as estimate new state and local revenues and expenditures. This report, commissioned by the Utah Governor’s Office of Economic Development and BioUtah, describes the state’s life sciences industry in terms of companies, customers, workers, income, output, and growth before presenting the economic impact results, in addition to the state and local fiscal impacts. In 2017, economic impacts in Utah from life sciences companies were 130,439 jobs, $7.6 billion in employee personal income, and $13 billion in GDP. Life sciences companies’ operations in that same year supported a net increase in state and local government revenue of $475.8 million.
University of Utah – Economic Impacts of Utah’s Life Sciences Industry [full PDF]
