Report shows bioscience industry is robust; primed for growth
A study released analyzing the U.S. bioscience industry growth over the past 11 years, through the recent recession and early economic recovery, reveals positive trends. The industry demonstrated a strong record of growth from 2001-2012, has navigated the deep economic recession better than most industries and is once again growing.
The report, Battelle/BIO State Bioscience Jobs, Investments and Innovation 2014, the sixth in a biennial series from Battelle and BIO tracking the U.S. bioscience industry, reveals a robust bioscience sector that has weathered difficult economic conditions and is on a course for continued growth. The state-by-state industry assessment finds U.S. bioscience firms directly employ 1.62 million people, a figure that includes nearly 111,000 new, high-paying jobs created since 2001.
Within the private sector, the bioscience industry has been a signature performer over this period, contributing an additional 6.24 million jobs through the indirect employment effect, yielding a total employment impact of 7.86 million jobs. Furthermore, the bioscience industry continues to create and sustain high-wage jobs, paying an average 80% more than the overall private sector average salary – and growing at a faster rate.
The U.S. bioscience industry weathered the recession much better than the overall economy and other leading knowledge-based industries. While national private sector employment fell by 3.1% from the outset of the recession in 2007 through 2012, bioscience industry employment fell a mere 0.4%. While employment has almost returned to its pre-recession level, the economic output of the bioscience industry has expanded significantly with, 17% growth since 2007, almost twice the national private sector nominal output growth.
The study presents the most up-to-date data available on national, state and metropolitan area bioscience industry employment and recent trends from 2001 to 2012, though much of the assessment focuses on the industry’s more recent performance from 2007. The report also presents a set of key bioscience performance metrics and profiles recent university and state initiatives designed to accelerate growth of the biosciences and other technology industries.
“This report highlights the long-term expansion of our industry and the significant impact of the high-paying jobs that come with developing the innovative technologies that are helping feed, fuel and heal the world. These biotech jobs are a critical economic component to states and local communities across the nation,” said Jim Greenwood, President and CEO of BIO. “While the bioscience industry has continued to grow, our analysis shows it is not immune to market realties. State-level legislative and regulatory policies directly impact the innovation that brings research from the lab to the marketplace, and BIO will continue to advocate for effective public policy at every level of government.”
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