The Institute and resident associate companies added nearly one billion dollars in economic impact over the last two years
Huntsville, Ala. – The HudsonAlpha Institute for Biotechnology continues to be an incredible economic driver for the state of Alabama. A recent study conducted by the Center for Management & Economic Research at the University of Alabama in Huntsville (UAH) shows since its inception, HudsonAlpha has made a $4.2 billion impact on the Alabama economy, with nearly a billion of that coming over the last two years.
The overall amount of $4.2 billion ($5 billion adjusted to 2022 dollars) reflects the economic activity from the non-profit HudsonAlpha Institute and resident associate companies located on its campus from inception in 2006 through the end of 2022. HudsonAlpha increased its economic impact by 31% over the last two years, with $484 million and $505 million in 2021 and 2022, respectively.
“HudsonAlpha continues to produce for the state of Alabama,” said Alabama Governor Kay Ivey. “HudsonAlpha is adding jobs to compete in the innovation-economy, providing our educators the highest quality tools and techniques to teach the workforce of tomorrow, and making scientific discoveries in the world of genomics to help all of us live better lives. We are proud of what HudsonAlpha is doing for our great state,” Ivey continued.
According to the report, 1,590 jobs were tied directly to HudsonAlpha and its resident associate companies in 2022. With the additional 1,095 multiplier jobs (indirect and induced), the total job impact is 2,685. Job growth on the HudsonAlpha campus increased at an annual rate of 17% since 2006, with employment in multiple sectors of the bioscience industry, including research, pharmaceuticals, medical testing, medical devices, and agriculture, among others.
“During the past few years, we have seen certain areas of our economy slow down. So when I see HudsonAlpha’s increase in momentum, I am particularly proud and humbled. Every day, people on our Biotech Campus work to solve important problems in human health and agriculture. I am thankful for their efforts and those around the state who have supported us since Lonnie (McMillian) and I started HudsonAlpha,” said Jim Hudson, co-founder of HudsonAlpha.
The HudsonAlpha Biotech Campus is growing, with the opening of the global headquarters of Discovery Life Sciences slated for later this year. That project will complete a dual-purpose Biotech Campus expansion. Last July, HudsonAlpha’s Center for Plant Science and Sustainable Agriculture opened the state-of-the-art Greenhouse and Learning Labs, enhancing and expanding the Institute’s ability to study crops and educate the next generation of plant scientists and agricultural innovators. The growth on the HudsonAlpha Biotech Campus has contributed to a cumulative $264 million in capital expenditures.
“Before Lonnie and Jim founded HudsonAlpha, our area’s biosciences industry had a relatively small impact on the state’s economy,” said Huntsville Mayor Tommy Battle. “As this report shares, there is no doubt of HudsonAlpha’s continued contribution to Alabama as a whole and in making Huntsville a ‘Smart City,’” Battle continued.
Today, nearly 50 companies have chosen the HudsonAlpha Biotech Campus for lab, collaboration, and office space in an entrepreneurial bioscience ecosystem. This report compiled data provided by HudsonAlpha and many resident associate companies, including employment, revenues, payroll, spending, and capital expenditures. Direct impact includes the total expenditures of all entities. Multiplier impacts are those impacts related to direct activity but occurring elsewhere in the economy.
“We at HudsonAlpha are excited about the future. HudsonAlpha is driven to make an impact in multiple areas, and we are honored to have contributed billions to the state since 2006,” said Neil Lamb, President of HudsonAlpha. “We are proud to partner with so many organizations, both public and private, and look forward to collectively making Alabama the best it can be.”
Contributions by HudsonAlpha through genomic research, entrepreneurship, technology development, recruitment, and education for students and the public continue to enrich the lives of Alabamians as well as people around the world. The founders’ vision of collaboration between the discovery-based research teams, bioscience enterprises, educators, and the public is being realized more each year.