A recent study analyzing the US bioscience industry growth over the past 11 years, through the recent recession and early economic recovery, reveals positive trends. The industry demonstrated a strong record of growth from 2001-2012.
The report, Battelle/BIO State Bioscience Jobs, Investments and Innovation 2014, the sixth in a biennial series from Battelle and BIO tracking the US bioscience industry, reveals a strong bioscience sector on course for continued growth. The state-by-state industry assessment finds US bioscience firms directly employ 1.62 million people, a figure that includes nearly 111,000 new, high-paying jobs created since 2001.
Within the private sector, the bioscience industry has contributed an additional 6.24 million jobs through the indirect employment effect, yielding a total employment impact of 7.86 million jobs. Furthermore, the bioscience industry continues to create and sustain high-wage jobs, paying an average 80% more than the overall private sector average salary and growing at a faster rate.
The US bioscience industry handled the recession much better than the overall economy and other knowledge-based industries. While national private sector employment fell by 3.1% from the outset of the recession in 2007 through 2012, bioscienceindustry employment fell only 0.4%. Although employment has almost returned to its pre-recession level, the economic output of the bioscience industry has expanded significantly, with 17% growth since 2007, almost twice the national private sector nominal output growth.