Vaccine Stokes Growth in the Life Science Industry

The race to develop a vaccine to COVID-19 has helped to accelerate growth in the life science market. The life science industry has reached record numbers in research and development, employment and venture capital investment. Top life science metros are the beneficiaries of this surge in activity, in particular Boston, San Francisco and San Diego, as well as emerging life science hubs, such as Pittsburgh and Austin, according to recent research from CBRE.

Employment gains have potentially been the most impressive for the sector. While employment was down 1.3% in July from its previous peak in March, employment in the sector has grown 1% year over year. Biotech R&D employment let the gains, increasing 4.9% year-over-year. This outpaced tech employment as well as national employment numbers, which fell by 7.6% during this time period. In many ways, this recent growth has already augmented positive trends for the industry, including an aging population, like an aging global population.