June 6, 2019 Comments Off on California’s Life Science Industry Remains Hot Views: 345 Bay Area, California News, Los Angeles, San Diego, Top California

California’s Life Science Industry Remains Hot

California’s life science industry provided nearly 1.3 million jobs and generated $346 billion in economic activity in 2018. A new report by San Diego-based Biocom reveals over the past five years, California’s life science industry has experienced an 8% increase in the number of jobs statewide.

According to the association that represents the state’s life science industry, California also received the most research funding from National Institutes of Health out of any state in the country. The amount totaled $4.2 billion in the 2018 fiscal year.

Biocom’s Joe Panetta says, “As the Economic Impact Report showcases, the life sciences in California are growing strongly and steadily, with each region making its own unique and equally impactful mark on the industry. California is the fifth-largest economy globally, and life science is a key component of contributing to the growth, employment and success of the entire state.”

Key life sciences sector findings included:

  • The San Francisco Bay Area’s nine counties employed more than 134,000 individuals and supported more than 367,000 jobs, generating a total of $135.6 billion in economic activity in 2018. The region also received $1.7 billion in NIH funding in fiscal year 2018.
  • Los Angeles County received nearly $1.1 billion in NIH funding in 2018, the largest amount of any other county in California, allowing for robust 11% growth in the number of jobs in the research and laboratory services subsector. In employing more than 90,000 individuals in 2018, all sectors of the life science industry in the region generated $42.5 billion in economic activity.
  • San Diego County’s life science industry employed more than 65,000 people in 2018, generating nearly 168,000 total job opportunities, and contributed more than $39 billion to the local economy. The region received $933 million in NIH funding in 2018.

*Pictured Phase 3 Real Estate Partners’ 4224 Campus Point Court in San Diego’s UTC

Read more at Biocom Report

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