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Yale Prospers, New Haven Waits
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Business New Haven
1/7/2002
By: BNH
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A new report, “Incubating Biotech: Yale Prospers, New Haven Waits,” by the Connecticut Center for a New Economy notes that, after two decades of heralding biotechnology as New Haven's postindustrial savior, the city is home to only a few hundred biotech jobs, most of which are unavailable to the city's unskilled, low-income residents. Additionally, many of the biotech companies that did succeed abruptly left New Haven for other regions. And, the report says, biotech company-owned real estate added little (1.6 percent) to the city's tax base.
The study's only bright spot: Yale handsomely benefited from its relationships with area biotech companies, mainly through licensing fees, royalty payments, company equity and university-sponsored research. The report recommends that New Haven policymakers should consider ways to encourage biotech companies to stay in New Haven once they grow, and that Yale University ought to invest further in improving the city's public schools, so that both biotech companies and Yale itself can draw upon a better trained workforce.
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