Yale is not only an internationally renowned academic institution, but also a catalyst in the growth and revitalization of New Haven’s economy. The University’s faculty and staff number 10,500, making it the largest employer in the city. Yale’s spending on payroll and benefits, and its purchasing of goods, translate into a direct economic impact of more than $1 billion a year in Connecticut. The University collaborates with city, state, and business leaders to forge new partnerships, hoping to transform New Haven into a better place to live, work, learn, and play. Consequently, the “town-gown” relationship has never been stronger. Yale has pledged $1 Billion towards capital improvements in scientific research – $500M each to the School of Medicine and Faculty of Arts & Sciences. The Environmental Science Center, which officially opened October 2001, is the first of five new buildings. Construction of new buildings is underway for Chemistry, Engineering, Forestry & Environmental studies, and Molecular, Cellular and Developmental Biology. As part of this initiative, Yale is also investing over $200M in the Yale Center for Genomics and Proteomics, and over $23M for faculty recruitment and program development in these areas. Yales Center of Excellence in Genomic Science (CEGS) program, which is led by Michael Snyder, was created from a 5-year, $15M federal grant. Only three such grants were awarded by the government. The advent of 2002 heralded the Yale Faculty of Engineerings 150th Anniversary, which was highlighted by notable events. Jerry M. Woodall became the first Yale professor to ever receive the prestigious National Medal of Technology award. And for the past 10 years, Mark Reeds pioneering work in nanotechnology and molecular electronics has continued to receive support from the US Department of Defense, and has earned the ‘Most Significant Technical Achievement Award.’ To top it off, the new 50-55,000 sq. ft. engineering building is to be designed by Cesar Pelli, one of the world’s greatest architects. As a result of its continuing efforts, Yale has helped to lead Connecticut’s biotech boom by using its intellectual assets to attract private investment into New Haven. Over the past decade, Yale research has contributed to the growing cluster of spin-off companies in Connecticut, generating over 50 business ventures. In 2001 alone, Yale spawned eight new companies: Advanced Wave Technologies, Ambit Biosciences, Archemix, eSkolarRN, Mirror Worlds, Molecular Electronics, Plain Sight Systems, and Protometrix. Equity investments in biotechnology (from public and private markets) burgeoned from $290M in 1999 to $1.1B in 2000, but dropped to $557M in 2001 due to the turbulent economic climate nation-wide. The five publicly traded Yale spin-offs – CuraGen, Alexion, Neurogen, Vion, and Genaissance – had a combined market capitalization of $1.7B in March 2002. Because the biotech boom created a space crunch, Connecticut’s real estate specialists and Yale officials have enthusiastically welcomed private developers, such as Winstanley Enterprises and Lyme Properties, the new owner of Science Park as of December 2000. In 2001, Yale received 31 US patents. Yale continues to maintain a healthy pharmaceutical pipeline, with 15 compounds in development or on the market.