CIRM’s mission is to accelerate stem cell treatments to patients with unmet medical needs. In doing that, our funding is also creating new jobs and generating new tax revenues for the people in California.
A 2019 independent Economic Impact Report conducted by the Schaeffer Center for Health Policy and Economics at USC says that CIRM has had a major impact on California’s economy, creating tens of thousands of new jobs, generating hundreds of millions of dollars in new taxes, and producing billions of dollars in additional revenue for the state. The report looked at the impacts of CIRM funding on both the state and national economy from the start of the Stem Cell Agency in 2004 to the end of 2018.
The estimated impacts from the report are:
- $10.7 billion of additional gross output (sales revenue)
- $641.3 million of additional state/local tax revenues
- $726.6 million of additional federal tax revenues
- 56,549 additional full-time equivalent (FTE) jobs, half of which offer salaries considerably higher than the state average
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Additional reports from previous years are listed on our Publications page.
Press release announcing 2019 Economic Impact Report