Austin sees boom in biological research, health industries From the cover
How we got here
Two-minute impact
There are several indicators that point to whether an area is a good option to pursue life sciences, said Matt Schwab, managing director of Karlin Real Estate. Among those, Austin stands out in the relatively young age of the average working individual at 35.8 as well as its large supply of educational institutions. The abundance of local higher education facilities paves the way for a reliable workforce for life science companies, Schwab said.
State of the industry As of July, Austin’s life sciences industry includes:
The biological science and health care industries, referred to as life sciences, have seen rapid growth in the Austin area since 2019. With hundreds of companies already established and several lab space projects in the pipeline, Austin leaders see incoming startups as the city’s next frontier. “The investment in health sciences benefits the entire community,” said Bryce Bencivengo, director of public relations and media for the Austin Chamber of Commerce. “We have opportunities to capitalize on companies that are here to create unique partnerships, to improve the health and well-being of our Central Austin region.”
Over 18,000 employees
Over 260 companies
74% employment growth since 2019 Nearly
1.6M square feet of lab space
Local schools
SOURCES: AUSTIN MEDTECH CONNECT, AUSTIN NEXT, NEWMARK/ COMMUNITY IMPACT
Between the University of Texas, Austin Community College and other local colleges, there are:
About 8,800 science, technology, engineering and math graduates annually About 4,700 health care graduates annually
Austin's employment breakdown
In a nutshell
10% Entertainment
Life sciences is an umbrella term used to describe many biological sciences, from the study of lab specimens to the treatment of patients, according to the report. Some products of the industry include medical devices, such as cochlear implants, and the development of cures for different cancers. At the local scale, life sciences and health ser- vices make up about 11.6% of the local economy, according to data from the U.S. Bureau of Labor Statistics. Bencivengo said the industry is one more opportunity for Austin to continue diversi- fying its economy to withstand hardships. Alongside southern Austin, the North and Northwest Austin markets represent a hotspot for this growth, Bencivengo said.
11.5% Community services and education
Area life science job options
Annual average wage
11.6% Life sciences and health care
Clinical laboratory technologists and technicians
$56,900
19.1% Office, business and financial operations
Bioengineers and biomedical engineers
$81,980
19.8% Management and sales operations
$86,720
Registered nurses
Health care diagnosis or treating practitioners
$113,530
28% Manufacturing, construction and farm-related jobs
SOURCES: AUSTIN MEDTECH CONNECT, AUSTIN NEXT, U.S. BUREAU OF LABOR STATISTICS/COMMUNITY IMPACT
SOURCES: AUSTIN MEDTECH CONNECT, AUSTIN NEXT, U.S. BUREAU OF LABOR STATISTICS/COMMUNITY IMPACT
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