AURORA | The Anschutz Medical Campus contributed more than $2.6 billion to the Colorado economy between 2012 and 2013, according to a new report released by the university earlier this week.
The $2.6 billion was up from $2.05 billion between 2009 and 2010, which was the last report compiled. The number of jobs created and supported by the medical campus also increased over that period, jumping 23 percent from 17,800 to 21,954.
Combined with its affiliated hospitals — the University of Colorado Hospital and Children’s Hospital Colorado — the Anschutz medical campus contributed more than $5.4 billion to the Colorado economy and supported over 40,000 jobs.
“CU Anschutz has a big impact on the Colorado economy, and when you combine it with its clinical care partners, it’s an even bigger impact,” said Jonathan Lurie, director of program evaluation and reporting for CU Denver/Anschutz. “CU Anschutz will always be a strong economic enterprise supporting Aurora and the state. It will always be valuable to the economy.”
The economic measurements were part of CU Denver/Anschutz Medical Campus’s most recent economic impact report, released Monday. The report, which covers fiscal year 2012-13 from July 1, 2012, to June 30, 2013, showed a total contribution of $3.33 billion between the Anschutz Medical Campus and the CU Denver campus downtown. The figure was up from $2.65 billion in the last report.
“The story of this university is one of perseverance, dedication and continued growth,” said CU Denver Chancellor Don Elliman. “We have a profound impact on our state. Our medical researchers pioneer countless new treatments, our professors are sought-after experts on everything from commodities to Alzheimer’s disease and our students receive outstanding value for their tuition dollar.”
Of the $3.33 billion contributed to the Colorado economy, roughly $1.43 billion resulted from direct spending on payroll, goods and services, and another $1.9 billion stemmed from indirect impacts in secondary markets, such as construction projects or groceries purchased by faculty members.
The number of jobs supported by both campuses also increased from 24,000 to over 29,000 during the three-year period, according to the report. With more than 19,000 direct employees between the university and its affiliated hospitals, CU Denver/Anschutz ranks second and third among private and public sector employers in Colorado, respectively.
Roughly $76 million was also collected in state sales and income tax revenue from the university and its faculty and students. Compared to the state’s appropriation of $86 million to the university, Colorado received nearly 90 percent of that amount back through tax revenue, according to the report.
At the Anschutz campus specifically, Lurie added that the university brought in nearly $400 million in research grant awards in 2012-13. During that time, the university unveiled 126 new inventions, was awarded 17 new patents and launched four start-up companies. More than half of the licenses for Anschutz technology were granted to Colorado companies last year, further boosting the state economy.
“In these times of shrinking budgets, it is vital that the people of Colorado understand the enormous economic, medical, social and educational benefits that our university brings to the state,” said Lily Marks, vice president of health affairs and executive vice chancellor of the Anschutz Medical Campus. “It’s an incredible story and one that needs to be told.”
Over the past five years, the Anschutz campus and its affiliated hospitals have also invested nearly $3 billion in construction projects. The new bioscience building, which broke ground in April and is slated for completion in 2015, is projected to result in $65 million in additional economic activity alone.
The CU Denver campus also increased its impact on the state economy by nearly 20 percent during the three-year period, rising from $604 million in 2009-10 to $720 million in 2012-13. The growth in jobs was similar with a jump from 6,300 to 7,420.
I wonder what share of the total economic impact the city of Aurora benefited from.
Interesting numbers, but begs the question; How much economic impact does a tax exempt entity actually have on the economy? And how mach tax revenue has Aurora received from CU/Anschutz?
These projections must be based on industry standards that are set by economic development groups whose primary goal is to illustrate how job creation is an exponential of a job actually created.