UCSF to Release Economic Impact Report on June 11
UCSF’s Mission Bay campus has served as a catalyst for the booming biotechnology sector in San Francisco, according to a new economic impact report to be released on June 11.
UCSF Chancellor Sue Desmond-Hellmann, MD, MPH, will discuss the results of an economic impact report that shows the University as one of the major economic engines of San Francisco and the nine-county Bay Area at an event tomorrow (June 11).
The UCSF community is invited to hear about UCSF’s significant economic impact at the event, which begins at 8:30 a.m. in Byers Auditorium in Genentech Hall at the Mission Bay campus.
Desmond-Hellmann will be joined by Richard Rosenberg, chair of the UCSF Foundation, and Richard Scheller, PhD, EVP, Research & Early Development, Genentech Inc. San Francisco Mayor Gavin Newsom has been invited to speak at the event as well.
The economic impact report, prepared by Economic & Planning Systems Inc. of Berkeley, underscores the critical role UCSF plays as an economic backbone and top employer in the Bay Area and highlights its success in attracting biotechnology companies to San Francisco.
This is the first such report that documents how UCSF Mission Bay has served as a catalyst for the booming biotechnology sector in San Francisco. UCSF last commissioned an economic impact report in 2003, reflecting data from the state fiscal year 2000-2001 – before the first research building opened at Mission Bay – which found that UCSF had a $1.8 billion impact.
Since then, UCSF has nearly tripled in size and completed the first phase of its thriving Mission Bay campus. UCSF Mission Bay serves as a magnet for the life sciences and biotech industry and has spawned 30 start-up companies based on University of California research.
UCSF now generates an estimated $6.2 billion economic stimulus in the Bay Area, with a resulting 39,134 jobs due to the direct and indirect expenditures of the campus, employees and construction contracts.
Among other key findings of the economic impact report:
- UCSF generates $4.9 million in direct revenues for the city of San Francisco’s general fund, with a net financial impact of $720,000 to the general fund;
- UCSF directly employs 21,903 people, making it the second-largest employer in San Francisco and the fifth largest in the nine-county Bay Area;
- UCSF averages $180 million a year in construction contracts, due to the rapid growth of Mission Bay and other UCSF sites, generating about 1,600 jobs in the Bay Area.
UCSF is launching a website on June 11 to coincide with the release of the economic impact report, which will be posted online in its entirety. The website also will feature news and information about the report. A video covering the event on June 11 will be posted to the economic impact website for viewing on demand next week.
Photos by Eileen Jue
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