Austin Business Journal, March 2, 2007 AUSTIN - Austin is missing out on an extra $1.5 billion a year and more than 14,000 jobs by not investing more in academic medicine, according to a new study by a local economic research firm. Texas Perspectives Inc. told community and hospital leaders today that a significant investment in academic medicine could yield the city $1.5 billion in economic activity, $597 million in earnings, and 14,370 permanent jobs each year. It would directly produce $707.9 million in annual economic activity and 7,400 permanent jobs from education spending and life sciences spin-offs. Right now in Austin, the health care industry and its ripple effects contribute $8.8 billion a year to the local economy and employ 85,000 -- about 12 percent of the local employment base. Last September, the Greater Austin Chamber of Commerce and Opportunity Austin released a study by Texas Perspectives on the economic impact of Austin's primary medical sector.  The study found that Austin's medical sector was not as developed as many other communities across the country, and concluded that if the health care sector of the Austin area economy would match the national average, economic output could be increased by an additional $2.3 billion -- $820 million in earnings -- and 22,175 new jobs. Hoping to change some of that, the Seton Family of Hospitals inked a 30-year deal with the University of Texas Medical Branch in 2005 to start some graduate medical education in the area.