Jobs, growth and reputation are the Science & Technology Park’s three greatest returns on investment. While the exact ROI of the Science & Technology Park is difficult to project, a number of indicators point to an impact that is potentially phenomenal. this impact has three primary dimensions: job creation, economic growth and an enhanced reputation for Georgia.
Job Creation: Official estimates from the McPherson Implementing Local Redevelopment Authority project 5,000 new jobs in a range of areas to result within the first 10 years of redevelopment.
The focus and success of the Science & Technology Park could increase this number; according to UGA’s Selig Center for Econimic Growth, for every direct job created by a life science company in Georgia, an additional 2.5 jobs are created in other industries. moreover, similar developments such as the Research Triangle Park have proven to be effective magnets for established companies seeking proximity to promising start-ups and university researchers.
Also the U.S. Department of Labor’s job outlook for biosciences shows the industry to be “increasing much faster than the average” for all occupations – a forecast of 21 percent job growth between 2008 and 2018.
Economic Growth: Nationally, the bioscience industry is one of the few bright spots of economic growth. A 2011 report from Deloitte showed that despite the recession, bioscience companies raised a record $32.7 billion in new investment in 2010 – the most since 2001. Another 2011 industry report, from RNCOS, forecasts “positive and vibrant” groth for biotech and biosciences – a compound annual growth rate of seven percent before 2013. By recruiting and launching more bioscience companies, Georgia is poised to capialize on this trend.
The Science & Technology Park will also become a major source of tax revenue at the state and local levels, generating revenue from corporate, income, sales and property taxes. And its construction represents additional economic stimulus over severals years.
Georgia’s Reputation: There’s no question the Science & Technology Park and its Georgia Institute for Global Health will strenghen the stat’s poistion as a center for discovery and invention. Already, Georgia enjoys a solid reputation for its research univesities and bioscience industry; indeed, the state ranks in the top 20 in a wide range of industry categories.
The challenge is to move from “solid” to “premier.” The Science & Technology Park provides a signature place fore focusing collaborative activity and promoting a Georggia brand of research and development.
This entry was posted on Friday, September 16th, 2011 at 12:31 pm. and is filed under Atlanta, East Point, Fort McPherson, Metro Atlanta. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.