CIRM RELEASES Interim Economic Impact Review

The California Institute for Regenerative Medicine asked the Analysis Group to review the economic impact studies it did associated with Proposition 71, one in 2003 and one in 2004, and determine whether the early activities of CIRM suggest an impact consistent with those early projections. While the reviewers found no evidence suggesting any lesser economic benefit for Californians, they determined that CIRM’s funding activities were too recent to produce firm data confirming the projections.  However, they did find anecdotal evidence of job creation, increased research activity, and corporate expansion. They also found one area where the prior projections were too conservative—because of CIRM ability to leverage its facilities grants through larger than expected institutional and donor commitments the reviewers estimated major increases in projected tax revenue and job creation because of that $285 million commitment of state funds. They project a 277 percent increase in tax revenue from $26.3 million to $99.1 million and a 239 percent increase in job years created from 4,054 to 13,727.