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Statement of Benefit to California:
With substantial spending in connection with its operations, our institution has immense economic, fiscal, and social impacts far beyond the Northridge community. Our institution has an overall economic impact of nearly $1.9. Economic output generated by our institution-related spending generated nearly $677.6 million in increased wages and earnings, raising labor income across the state. Of the total labor income generated, $588.6 million landed in Los Angeles County. The additional income generated by our institution-related expenditures was primarily spent within the local economy, which, together with the increased demand for labor driven by these expenditures, resulted in a cumulative total of 11,774 jobs supported across all industries in California. Of these new jobs, 10,369 originated in Los Angeles County. In addition, our institution employees provided added value to state and local governments in increased tax revenue at a total of $122.1 million. Our trainees will have tangible health and economic impact on California, its academic institutions, its biotechnology, pharmaceutical, and stem cell companies, and the rest of the nation as California and its people move forward with personalized medicine during the 21st century. Our host institutions are economic powerhouses for Los Angeles, Southern California, and California overall. Our host institutions generated over $11 billion in economic activity and supported more than 100,000 full-time jobs throughout the state during the 2016–17 fiscal year. Our academic host institutions are renowned worldwide for the quality of faculty, students, and trainees and their dedication to the mission of research, teaching, and service. Biocom’s 2019 Economic Impact Report Databook revealed the emergence of Los Angeles County as the third hub of California’s biotech sector. Last year all life science industry sectors generated $42.5 billion in economic activity and added $23.5 billion to LA County's gross profit. There are approximately 92,000 related jobs in the region, with an average earning of $83,000. According to the report, those jobs also support almost 191,000 peripheral jobs in the region. The largest benefit to California is the benefit to our students. “The objective of the N-COMPASS Training Program is to prepare a diverse cadre of undergraduate students for careers in regenerative medicine through the creation of novel recruitment and support mechanisms that identify and foster untapped talent within populations that are historically underrepresented in the biomedical sciences, and by combining hands-on research opportunities with strategic and structured mentorship experiences to enhance the transition of students to successful careers.” The N-COMPASS training program is dedicated and ready for this new mission.