SHREVEPORT, La. (KTAL/KMSS) – A study conducted by the Biomedical Research Foundation (BRF) released Thursday shows just how much money it has generated for the Shreveport Bossier area.
The organization released a comprehensive economic impact study of BRF and its associated entities by economist Dr. Loren Scott.
The study analyzes the 2018 and 2019 economic impacts of BRF and its associated entities in the Shreveport-Bossier metropolitan statistical area (MSA) which includes Caddo, Bossier, DeSoto and Webster parishes.
“In 2018 and 2019, BRF activities created an average of 5,453 direct and indirect jobs per year in the Shreveport-Bossier MSA,” according to Dr. Scott. “For every 10 new jobs created in a dozen different industries by BRF and its associated entities, another 11 jobs are created elsewhere in more than 20 different industries in the MSA economy. In 2019, the average wage of these jobs is approximately 18% higher than the average wage in the Shreveport-Bossier MSA. These numbers demonstrate the economic stability and diversity that BRF activities add to the Shreveport-Bossier MSA.”
The study notes that 2018 activities of BRF and its associated entities, which at that time included the BRF-owned and operated University Health Shreveport hospital, created the following impacts:
“In 2013, BRF stepped forward with considerable financial and administrative resources to retain the LSU hospitals in Shreveport and Monroe, forming UHS, when no other entity offered to take on ownership of these two safety net hospitals as part of the state’s privatization plan. BRF sold UHS in late 2018 to Ochsner LSU Health System of North Louisiana which has continued the significant growth of the hospitals begun under BRF ownership and management.”
After the sale of UHS in 2018, the study reports that BRF and its associated entities created the following economic impact in 2019:
“In 2019, the household earnings generated by BRF activities are larger than the $55.3 million in earnings of all amusements, gambling and recreation employees in Caddo Parish.”
“Looking forward, BRF divisions and initiatives will focus our activities on advancing three important economic development areas which include starting new companies in the MSA, recruiting new companies to the MSA and retaining the companies that we have in the MSA,” according to BRF President and CEO Dr. John George. “In pursuit of this objective, we are pleased to announce Shreveport Next, BRF’s newest initiative to recruit new companies to the MSA. Shreveport Next will work to recruit small to midsize companies with revenues of $5 million to $500 million to relocate or build new facilities in the Shreveport-Bossier MSA.”
Dr. George continued, “Though the COVID-19 pandemic continues to significantly impact economic activities in the MSA and the state, we believe that BRF and its associated entities will continue to diversify our economy in a wide range of industry sectors while creating good, high paying jobs in 2020-2021.