North Texas' life science job boom
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North Texas is becoming a hub for talent in life sciences research — a burgeoning industry that faces an intense labor crunch nationwide amid rapid growth — according to a recent report published by the Dallas-based investment management firm CBRE.
Driving the news: The Dallas-Fort Worth area came in No. 16 in CBRE's ranking of life sciences clusters, based on cities' jobs, local wages, cost of living and other factors.
- North Texas is the second-highest growth market behind only Nashville.
By the numbers: Life sciences employment grew from 4,948 in 2015 to 8,050 in 2020 — a 63% increase.
- The area also ranked as the fourth most favorable market in terms of life sciences research salaries, compared to local cost of living.
Why it matters: Dallas' booming life sciences industry — which includes big name institutions and companies like UT Southwestern, Alcon and AstraZeneca — has spurred economic growth, created thousands of high-paying jobs and driven expansion of lab space.
- With the pandemic catapulting life sciences into higher prominence and with more people than ever before working in jobs or graduating with degrees in the field, competition is fierce for talent in the industry.
What they're saying: "Dallas-Fort Worth has always had a diverse business climate that has allowed for a multitude of industries to thrive, so it shouldn't come as a surprise to anyone that life sciences employment has increased in our region as the sector has grown significantly across the country," CBRE's Chelsea Story said in a statement.
- "This is really just the beginning for all of the life sciences growth to come in our market."
Zoom out: The top areas for these types of jobs are, predictably, Boston, Washington, D.C. and San Francisco.