The New Orleans BioDistrict is taking shape, with trucks clearing the final buildings for the new University Medical Center and the opening of the BioInnovation Center. And Biotech startups like NuMe Health, VoiceHIT, and InnoGenomics are already making waves.
Recently, an updated economic impact analysis of the BioDistrict was released showing the potential for what we already knew: a major economic impact for the City of New Orleans. The plan’s assessment of university strengths indicate the potential for over 11 million sq. ft. of new development and renovation over of the course of the 20-year plan, a significant portion of which is underway already and will occur over the next 5-year period.
The BioDistrict currently has more than 70,000 employees in all trades within the geographic area, and an estimated 15,000 employed by the major institutions of the District. As a result of the investments and implementation of the master plan recommendations, more than 36,000 net new, ongoing and construction jobs in the region are estimated for year 20 of the plan, nearly 21,800 of these at the end of five years.
Other associated impacts include:
- Around $4 billion of capital investment over the course of the master plan;
- Local Personal Earnings of $2.6 billion over the first five years, and a total of $26.185 billion over the full, 20-year timeframe after full buildout and development of the R&D program(s);
- State and local taxes of $3.352 billion over 20 years, or an average of $167 million per year over the entire timeframe (State: $1.911 billion total/~$95 million per year; Local: 1.440 billion/~$72 million per year)
Clearly, these estimates demonstrate a high rate of return on the dollars to be invested in the BioDistrict enterprise and infrastructure support. This will require a long-term and sustained commitment that will span a generation of New Orleanians. However, along the way, we will see the dream unfold as students begin to form the future workforce to propel us to the highest levels of the new knowledge-based economy.
You can read the whole economic impact report here.