Article courtesy of InBusiness:
BioForward Wisconsin, an advocacy group representing 220 member organizations of Wisconsin’s bio-health industry, shared results of the Wisconsin Biohealth: Industry Landscape and Economic Impact Report, which highlights the industry as a leading economic growth and innovation driver for Wisconsin. The report, prepared by research group TEConomy Partners LLC, indicated that Wisconsin’s bio-health industry is outpacing other major state industries with strong high-wage job growth that is generating $32 billion in economic impact throughout the state.
Report highlights include:
- The total state economic impact contribution by the industry is $32 billion in direct, indirect, and induced sources, as well as $1.2 billion in state and local taxes;
- Wisconsin’s bio-health research organizations, manufacturers, digital health, and distribution companies directly employ nearly 52,000 individuals and have seen 10.6% job growth since 2018;
- The jobs generated across the industry pay approximately $96,000 annually on average, which is 70% above the overall industry average in Wisconsin;
- Wisconsin-based institutions and organizations received $554 million in National Institutes of Health funding in 2021, an increase of 19% since 2018; and
- While primarily concentrated in the Madison and Milwaukee regions, Wisconsin’s bio-health industry is broad-based, spanning several regions across the state, including developing clusters in Green Bay, Sheboygan, Eau Claire, and La Crosse.