Triangle’s demand for life science jobs ranks 6th among leading markets, report says

Editor’s note: Every Wednesday, WRAL TechWire presents a story highlighting the NC Bio Jobs Hub initiative. Go to the Bio Jobs Center for more stories and information on job opportunities in the life sciences that are possible from NC workforce training initiatives. This column was originally launched in September 2021, and today we are releasing it again. If you, as Mackenzie Dixon once did, are considering a career change, take a look at this upcoming event.

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EXPLORING TRIANGLE PARK – The search for job talent ranks the Triangle in sixth place as a “technology cluster” in the United States, according to a new study tracking growth in the United States

Commercial real estate firm CBRE ranks the Raleigh-Durham market only behind larger and more traditional life science centers such as Boston, Washington, DC, the San Francisco Bay Area, New York and San Diego. Numerous reports consistently rank the triangle high for research, growth opportunities and more in the science of life. These new CBRE data show how much job growth is taking place here as well as nationally.

CBRE Executive Vice President Lee Clayburn cites several reasons why the triangle attracts jobs:

“Raleigh-Durham’s workforce is a powerful driver in attracting and retaining life science companies in our market. The low cost of living in our market compared to other major markets, together with its direct access to labor from local university systems, are the main contributors to this workforce. This report highlights Raleigh-Durham’s overall talent and the benefits it offers to companies doing business here. ”

According to the North Carolina Biotechnology Center, North Carolina has “a highly trained workforce of 70,000 people, a large community of 790 life science companies and 2,500 service providers and a low cost of doing business, among many other competitive advantages. “.

Most of these jobs and companies are located in and near the Triangle, with many companies announcing expansion this year.

The triangle and the state also had an abundant year in 2021. As Barry Teater told the Biotech Center: “Nineteen major expansions, relocations or new facilities representing nearly $ 4 billion in investment and more than 4,000 jobs have been announced across the state.”

The CBRE report focuses on life sciences professions such as bioengineers and biochemists to microbiologists and data scientists, noting that demand for talent has increased by 79% since 2001 to around 500,000 nationally compared to with an 8% overall increase in all jobs.

The report’s criteria include: the number of jobs and life sciences graduates, the share of life sciences in the total number of jobs in each market and the group of graduates, the number of PhD holders in life sciences and the concentration of jobs in – the widest professional, scientific and technical services in professions, explained CBRE.

The best markets:

Rank market The result Rank market The result
1 Boston / Cambridge 138 14 Atlanta 103.5
2 Washington, DC / Baltimore 129.8 15 Worcester, MA 102.6
3 San Francisco Bay Area 126.2 16 Dallas / Fort Worth 102
4 New York / New Jersey 124.3 17 Sacramento 101.8
5 San Diego 120.3 18 Austin 101.5
6 Raleigh-Durham 114.8 19 Salt Lake City 101.4
7 Los Angeles / Orange County 113.8 20 New Haven, Connecticut 100.8
8 Philadelphia 113.5 21 Portland, OR 100.7
9 Seattle 109.4 22 Miami 100.7
10 Chicago 107.6 23 Nashville 100.6
11 Denver / Boulder 106.9 24 Albany, New York 100.3
12 Minneapolis / St. Gender 106.4 25 Pittsburgh 100
13 Houston 104.1

Source: CBRE

A key force for the triangle is the growing number of people receiving degrees in biological and biomedical sciences, added CBRE: “Raleigh-Durham in particular produces significant doctors in biological and biomedical sciences. 14.2 percent of all biological and biomedical sciences published on the market are at the doctoral level.

Of those graduates, 2.9% earn a doctorate, “the highest share of any major market,” CBRE said.

Lower living costs help

Despite rising housing and property costs, the Triangle is also one of the most accessible markets for workers. Raleigh-Durham follows only Houston.

“Salaries in the life sciences do not vary geographically as much as in many other industries. However, the difference between markets and the cost of living means that some markets are more accessible to life sciences workers than others, ”said CBRE.

The biggest gaps between the average salaries in the field of life sciences and the cost of living

market Ratio of wages in the life sciences to the cost of living market Ratio of wages in the life sciences to the cost of living
Houston 2.04 Minneapolis / St. Gender 1.79
Raleigh-Durham 1.99 Nashville 1.78
Atlanta 1.90 Chicago 1.76
Dallas / Fort Worth 1.86 Austin 1.76
Philadelphia 1.79 Sacramento 1.76

Source: CBRE

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