SACRAMENTO, Calif.—Biomedical research funded so far by California’s $3 billion stem cell agency is creating 2,739 jobs annually and generating millions of dollars in tax revenues, according to a study released Jan. 27 and commissioned by the agency.

The California Institute for Regenerative Medicine (CIRM) has awarded 364 grants, totaling $1.1 billion, to more than 50 universities, institutes, and companies since its first round of awards in April 2006.

Through 2014, those awards, made in 18 rounds of funding, are expected to generate 24,654 full-time jobs, including nearly 13,000 positions in the building-trades sector through construction of stem cell facilities,...