CORRECT and REPLACE New Economic Impact Report Finds Life Sciences Industry Continues to Outpace Private Sector Job Growth in Washington
SEATTLE – (COMMERCIAL THREAD) – Third paragraph, third sentence of the release should read: The average salary of life science workers is $ 106,122, almost 50% higher than the average salary of $ 70,000 paid for others private sector jobs in Washington (instead of the average salary for life science workers is $ 102,000, almost 50% more than the average salary of $ 70,000 paid for other private sector jobs in Washington.).
The updated version reads as follows:
NEW ECONOMIC IMPACT REPORT FINDS LIFE SCIENCE INDUSTRY CONTINUOUS TO EXCEED PRIVATE SECTOR JOB GROWTH IN WASHINGTON
Washington’s $ 30 Billion Life Sciences Industry Grows Rapidly Statewide
Washington’s life science industry is experiencing strong economic growth, according to Life Science Washington. Today, the industry association released its latest Economic Impact Report, which reveals a 23.5% increase in life science employment in the state from 2015 to 2019, surpassing both private sector job growth in Washington and national life science job growth.
“Over the past five years, our industry has grown from a leading emerging cluster to one of the top 10 life science clusters in the country and there is no sign that the industry is slowing down,” said Dr. Leslie Alexandre, President and CEO of Washington Life Sciences. âWashington has always been a leader in life science research. In the past, Washington companies were often acquired while still in the R&D stage. Today, our businesses remain, grow, and add business and manufacturing operations in Washington. As a result, Washington now has a vibrant life science ecosystem that is attracting capital, building new lab spaces, and creating jobs at a rate the state has never seen before. ”
Today, the state’s life science industry generates $ 30.1 billion in total economic activity and contributes $ 16.4 billion in value-added activity to gross domestic product (GDP) from Washington. The industry employs nearly 40,000 people in more than 1,100 life science organizations and supports more than 100,000 jobs across the state. The average salary for life science workers is $ 106,122, almost 50% more than the average salary of $ 70,000 paid for other private sector jobs in Washington.
As local businesses continue to grow and add business and manufacturing operations, the workforce has also diversified to include a range of jobs from entry-level manufacturing to sales roles. and management as well as advanced research positions. The sector is also a cutting edge STEM (science, technology, engineering and math) based industry for female employment in Washington. While other STEM-based industries continue to see a significant gender gap, women make up 44% of the state’s life sciences workforce.
In addition, the investment climate for life science companies in Washington continues to break records. In the past 12 months, seven Washington state life science companies have gone public, and according to the most recent Life Science Washington Institute investment report, the state is on the way to breaking the bank. one of its best years in terms of total investment with $ 4.5 billion raised per year. nowadays.
âThis is an exciting time in our industry with more investing activity than ever before,â said Jim Thomas, executive vice president, Global Head Biotherapeutics and president of US operations, Seattle and Redmond Just-Evotec Biologics. âToday, we are seeing more and more local businesses adding manufacturing and commercial operation capabilities, enabling local innovators like Just-Evotec Biologics to bring a new generation of life-saving therapies to the market faster. global market. ”
For more information or to deepen the Economic Impact Report, please visit https://lifesciencewa.org/wp-content/uploads/2021/10/Economic-Impact-Report_2019data.pdf
About Life Science Washington
Life Science Washington connects its 500+ members to each other and to essential funding, talent, partners and business services and uplifts the industry by promoting policies that strengthen the environment for research and development of breakthrough products that improve and save lives. For more information, visit https://lifesciencewa.org/.