Economic Development
Providing expert advice and guidance to help companies find suitable locations and resources as they move to and grow in Georgia.
BIO Best Practices Report: Catalogs State and Regional Economic Development Initiatives
Every two years, the Biotechnology Innovation Organization (BIO) publishes a biennial BIO Economic Development Best Practices Report that catalogs state and regional economic development initiatives. The best practice examples contained within this report highlight the critical facets that foster high-performing industry and the long-term success it has maintained.
The report reaffirms that successful industry development initiatives are built upon the following four key building blocks for company creation and expansion:
- Access to angel and venture capital
- Workforce development initiatives
- Technology Transfer Systems
- State of the Art facilities
Investments in these 4 areas yield results. The bioscience industry’s total economic impact on the U.S. economy, as measured by overall output, totaled $2 trillion in 2016. This impact is generated by the direct output of the bioscience industry combined with the indirect (supply chain) and induced (employee spending) impacts.
The Economic Impact of the U.S. Industrial Bioeconomy: State and federal figures for economic activity tied industrial bioproducts
Biomanufacturing advocates released a new report that provides a closer look at the employment, wages, and economic activity driven by the U.S. industrial bioeconomy. Authored by TEConomy Partners, the report, “The Economic Impact of the U.S. Industrial Bioeconomy,” illuminates an increasingly important segment of the U.S. economy associated with biomanufacturing and bioproducts (those other than food, beverages, and pharmaceuticals).
Included in the report are state and federal figures for economic activity tied to the transformation of renewable biomass into fertilizers, bioplastics, biofuels, bio-lubricants, and a host of other industrial bioproducts, as well as the research and development of microbes, enzymes, biocatalysts, and other technologies used in modern biomanufacturing.
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