Study finds Allergan generates $732 million in annual economic impact for NJ

Econsult Solutions, a Philadelphia-based economic consulting firm, reported that Allergan’s current New Jersey operations generated an annual economic impact in the state of $732 million, according to a press release.

The company’s influence on employment in the state generates more than 2,900 direct, indirect and induced jobs, including a total employee compensation of $289 million, the release reported.

Allergan plans to combine five separate locations in the state into a new U.S. administrative headquarters in Madison, New Jersey, in 2017, according to the release. The company plans to add 300 new jobs as part of the combination, which is expected to generate an annual economic impact of $894 million, and will support 3,700 direct, indirect and induced jobs with a total employee compensation of $360 million annually, according to the release.

Allergan’s New Jersey operations support $31 million in annual tax revenues to the state, which are estimated to rise to $39 million following consolidation and expansion of its operation in 2017, according to the release.

Reference: www.allergan.com