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Annual Economic Impact of Biotechnology Exceeds $45 Billion in North Carolina

December 03, 2008
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North Carolina's $1.2 billion dollar investment in bioscience over the past decade has helped to build a $45 billion dollar a year industry in the state, according to a new study released by the North Carolina Biotechnology Center. The report finds that North Carolina's bioscience employment numbers have grown 18.5 percent since 2001, the fastest in the nation. Much of this growth has been fueled by increased activity in research, testing and medical labs and in the agricultural feedstock and chemicals subsector. 

North Carolina is now home to more than 500 bioscience companies employing over 54,000 people. The report estimates that this sector generates an additional 127,000 jobs outside the industry, and more than $9.4 billion in wages and salaries. Biotechnology companies also are responsible for $1.44 billion in state and local taxes each year.

Between 1999 and 2008, North Carolina funded a multitude of biotechnology initiatives to help stimulate the growth of the sector. This funding includes:

  • $857 million in research and facilities including the NC Research Campus in Kannapolis and UNC Cancer Research;
  • $135 million in workforce training at North Carolina State University, North Carolina Central University and at community colleges across the state;
  • $114 million to build partnerships via the North Carolina Biotechnology Center; and
  • $102 million in direct company incentives, including $95 million in Job Development Investment Grants and $7 million in One North Carolina funding.

At the center of North Carolina's biotech initiatives is the North Carolina Biotechnology Center, which is responsible for coordinating the state's efforts and creating new partnerships between private firms and government and academic institutions. The state created the Center in 1984 to strengthen its bioscience research capabilities. Since that time, the Center has created a suite of programs that includes commercialization of technologies, recruitment and retention of businesses, and workforce training. Companies in the Center's portfolio have created 3,734 jobs and have attracted $99 for every dollar contributed by the Center, according to the report.

An executive summary of the findings from Evidence and Opportunity: Biotechnology Impacts in North Carolina can be downloaded at: http://www.ncbiotech.org/biotechnology_in_nc/battelle/BattelleReportHighlights.pdf.

The full report is available at: http://www.ncbiotech.org/biotechnology_in_nc/battelle/battelleReport111708.pdf.

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