New Haven Life Sciences Labor Market Ranked 20th in US

09.02.2022
Economy

A new study ranks the New Haven region’s labor market among the top metropolitan areas in the country for life sciences workers.

Commercial real estate and investment firm CBRE’s Life Sciences Research Talent Report ranked New Haven 20th among the 74 metropolitan labor markets it reviewed.

New Haven added a net 205 researchers between 2015 and 2020 and posted the largest growth of biological scientists in the country.

The report also found the region has the nation’s highest highest concentration of microbiologists and biological technicians and the third-highest concentration of biochemists and biophysicists.

“The connectivity that New Haven has between major life sciences hubs Boston and New York City has helped New Haven emerge as one of the fastest-growing research hubs in the country,” said CBRE senior vice president David Stockel.

Optimistic Outlook

Stockel added that CBRE is “very optimistic” about the outlook for the area, with Yale University a major catalyst for growth.

“It’s a fantastic backbone in terms of access to talent and the cost of living compared to some of the other markets in the report is very favorable,” he said.

The CBRE report ranked the Boston/Cambridge market first, followed by Washington, D.C./Baltimore and the San Francisco Bay area.

CBRE 2022 top life sciences labor markets
Source: CBRE 2022 Life Sciences Research Talent Report.

“Boston/Cambridge is exemplary in almost every datapoint, and benefits from higher densities and concentrations of talent,” the report notes.

“The San Francisco Bay Area benefits from its high-tech presence, notably in data scientists, but its larger job base dilutes some of the impact of life sciences occupations overall.”

“San Diego, Raleigh-Durham, and Seattle also flourish, particularly due to their unusually strong concentrations of educated life sciences talent and employment.”

Sector’s Rapid Growth

More professionals are working in life sciences research than ever before according to the report, with 79% growth between 2001-2021 compared with 8% growth across all occupations in the U.S.

In addition, graduates in biological and biomedical sciences totaled more than 163,000 in 2020—a record number and double the number from 15 years ago.

“Fierce competition for talent presents challenges as the industry seeks to meet growing demand.”

CBRE report

However, life sciences is feeling the impact of the nation’s labor shortage more acutely than other sectors, posting the second-lowest unemployment rate of all occupations as of April 2022.

“Fierce competition for talent—exacerbated by demographic changes, pandemic-induced burnout and shifting family responsibilities—presents challenges as the industry seeks to meet growing demand for its products and services,” the report notes.

“The industry’s rapid growth, coupled with constraints in the labor market, make accessing emerging talent from the nation’s colleges and universities an increasing focus.”

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