SAN FRANCISCO - MAY 26: A row of luxury homes are seen near the Golden Gate Bridge May 26, 2005 in the Sea Cliff neighborhood of San Francisco, California. According to a study released Wednesday by San Francisco's First Republic Bank, the average luxury home in the San Francisco Bay Area, which is defined as homes with values above the $1 million, rose nearly 6 percent between the fourth quarter of 2004 and the first quarter of 2005 to an average of $2.7 million, up $329,000 from one year ago. (Photo by Justin Sullivan/Getty Images)
An economic impact report released Friday morning indicates that the University of California in San Francisco has tripled its revenues since 2001, and now drives $6.2 billion annually in industry output for the Bay Area.
The university creates over 39,100 jobs in region, and contributes $720,000 annually to San Francisco's general fund, according to the report.
"UCSF is among the crown jewels of San Francisco, providing good jobs, attracting important national research funding and serving as a key source of talent for the biotech industry," said San Francisco Mayor Gavin Newsom. "It also plays an enormous role in fostering the innovation that is the hallmark of this city."
With 21,900 employees in San Francisco, UCSF is the second-largest employer in the city, and the fifth largest in the Bay Area.
The university's revenues have increased from $1.3 billion in the fiscal year ending June 30, 2001 to $3.3 billion in the fiscal year ending June 30, 2009.
The report, which was sponsored and commissioned by the university to quantify the impact of changes to the campus in the past decade, credits the campus' economic successes to the biomedical research enterprise and UCSF medical center.
The medical center alone contributed $1.8 billion in revenues last year, according to the report. Other major contributors include grant money from the National Institutes of Health and private donations.
The annual $720,000 that university contributes to the city's general fund mostly comes from sales and use taxes for items purchased by employees and students. The university is exempt from property taxes.
In 2003, the university completed its first major phase of the UCSF Mission Bay campus. The next phase - a medical center that combines three specialty hospitals for cancer, children, and woman - is scheduled for completion in 2014. The groundbreaking is scheduled for the fall.