Bay Area Shines in Biocom’s 2019 Economic Impact Report
As the largest advocate for California’s life science industry, supporting over 1,200 members, Biocom is committed to demonstrating the substantial role that the life science business plays in the world’s fifth largest economy. Our recently published 2019 Economic Impact Report describes what is driving the industry’s growth in California, specifically the 8% increase in the number of life science jobs over the past five years, and the highest receipt of National Institutes of Health (NIH) research grant funding of any state in the nation, which was $4.2 billion in FY2018.
The report gives statewide statistics and provides a deeper dive (and individual fact sheets) on the three unique geographic life science clusters that propel the state: the San Francisco Bay Area, Los Angeles, and San Diego.
Some key Bay Area takeaways include:
- The life science industry generated $135 Billion in regional economic activity in 2018.
- In FY2018, the region received $1.7 billion (40% of California’s total) in NIH research funding.
- There are 2,735 life science establishments in the Bay Area’s nine counties.
- Over 134,000 people were employed in the industry in 2018 and strong job growth is projected.
- Alameda County is home to nearly 33,000 life science jobs with $112,239 average earnings, and generates over $27 billion in life science economic activity.
A quick glance at this rich report makes it clear that the life science industry is a major economic driver, both locally and nationally. Bay Area assets that are fueling continued growth include world-class universities and research institutions, a highly educated and skilled labor force, advanced manufacturing capabilities, and a robust set of supporting industries. Add to that the increasing digitization of medicine and medical devices that leverage Silicon Valley’s software expertise, and it’s no surprise that this region is a strategic location for life science companies.
Data sets for each of the nine Bay Area counties is presented where possible. The report is a comprehensive document with vital information about the life science industry and is compiled using publicly reported data. We hope you take some time to review the latest information about this vital part of our economy.