Bet You Can't Guess San Francisco's Second Largest Employer - NBC Bay Area

Bet You Can't Guess San Francisco's Second Largest Employer



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    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.

    Bay City News