Economic Impact

Economic Benefits to the Community of the presence of an innovation center include:

  • Creation of new higher-wage jobs through innovation in agricultural technology, biomedical technology, energy efficiency technology, manufacturing technology, and others emerging sectors
  • Recent studies focused on California have shown that these types of technology and innovation jobs are also an important source of secondary jobs and local economic development – resulting in a local multiplier. One job created in these high technology sectors is associated with the creation of 4 to 5 additional jobs in the local goods and services economy.
  • Creation of new industry sectors will result in the expansion of new revenue generation through taxes and fees directly from businesses and jobs created in the innovation center, but also indirectly from the secondary businesses and jobs created as a result of the local multiplier, such as:
    • Property taxes
    • Unsecured personal property taxes and fees
    • Sales taxes (manufactured goods, equipment and products)
    • Development and impact fees
    • Public infrastructure fees
    • Use fees
    • Other fees created for specific purpose