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June 13, 2022

Report: New Haven ranks in top 20 nationally for life sciences workforce

This is a rendering of 101 College St., a new bioscience tower being built in downtown New Haven to meet the growing demand for lab space.

New Haven has the country’s 20th best life science workforce base, according to the CBRE’s inaugural Life Sciences Talent Report released Monday.

CBRE Group, the Dallas-based commercial real estate services and investment firm, released a report Monday that identifies the top 25 life sciences labor markets in the country by comparing different regions on their density of workforce talent.

The report said that New Haven benefits from having a plethora of “highly educated talent” and good concentration of life sciences researchers, mainly a result of being the home to Yale University. But the region also ranks highly because of its proximity to Boston/Cambridge and New York/New Jersey, which are ranked No. 1 and 4 on the list, respectively.

The analysis and ranking included a breakdown of criteria such as: the number of life sciences jobs and graduates; the industry’s share of each market’s overall job and graduate pool; the number of doctorate degree holders in life sciences; and its concentration of jobs in the broader professional, scientific and technical services professions.

While New Haven gives Connecticut a presence on the list, two other New England regions — Boston/Cambridge at No. 1 and Worcester, Mass., at 15 — ranked higher.

CBRE said that the Boston region has a metro population with 2.9% of residents having Ph.Ds and 12.1% employed in professional, scientific and technical services. The region produces the second largest share of biological and biomedical sciences doctorate degrees in the country, according to the report. The region’s $12.4 billion in venture capital funding in 2021 was larger than any other market by more than $5.4 billion, according to the report.

The report says Boston benefits from its large number of universities and research institutions producing members of the workforce.

According to CBRE’s report, job growth of life sciences professions such as bioengineers, data scientists and microbiologists increased by 79% over the last 20 years compared to the country’s total job growth rate during the same period of 8%.

More people than ever are graduating from life sciences fields, but actually hiring those professionals isn’t easy.

“Finding life sciences research talent may prove extremely difficult,” the report reads. “Life, physical and social science occupations had the second-lowest unemployment rate of all U.S. occupations in April 2022 at 0.6%.”

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