Biotech Boosts the Garden State’s Bottom Line

A recent study from the Biotechnology Council of New Jersey found that the state’s biotechnology industry was responsible for a total economic impact of $1.7 billion, in 2006. This number includes account employee earnings, compensation to vendors that supply goods and services to local biotech companies, and the spending of workers from establishments like hospitals and restaurants that directly and indirectly support the biotech industry in New Jersey. Conducted by Deloitte & Touche USA LLP, the study also found that the biotech industry in the state employs 10,071 people who were paid an average base salary of about $86,800 each last year with annual benefits as high as $40,000 and in total paid about $80 million in state and local taxes in 2006.