Jun 28, 2022 - Business

University talent, low costs fuel Triangle biotech growth

Top 25 research life sciences talent clusters
Data: CBRE; Chart: Axios Visuals

The Triangle continues to solidify itself as a force in the biotech industry, ranking No. 6 in CBRE’s 2022 analysis of life science research talent clusters.

Why it matters: While Apple and Google grab a lot of headlines for their planned growth in the Triangle, biotech companies have been steadily adding high-paying jobs here.

  • With so much talent and intellectual property coming out of the local universities, as well as relatively cheaper land costs, expect that to continue.

Driving the news: CBRE's report notes that, given its size, the Triangle has an outsized presence of Ph.D. graduates in biological and biomedical sciences — thanks to programs at Duke, UNC and N.C. State.

  • Biotech salaries also stretch further here than in other cities. The region has the second-best ratio of biochemist salaries to cost of living, only trailing Houston.
  • That has helped the Triangle lure talent from more expensive metros, like Boston and San Francisco.

What's next: The Triangle's biotech industry could expand rapidly in the coming years, with billions of dollars' worth of lab space planned or under construction.

  • In January, Trinity Capital announced plans to build a $1 billion, 109-acre biotech campus near Raleigh-Durham International Airport in Morrisville.
  • That same month, one of the largest remaining parcels of land in Research Triangle Park was purchased for nearly $100 million by Alexandria Real Estate, and is earmarked for a biotech campus.
  • In the southern Wake County town of Holly Springs, drug manufacturers Fujifilm Diosynth and Amgen are building huge facilities that will add hundreds of jobs.
avatar

Get more local stories in your inbox with Axios Raleigh.

🌱

Support local journalism by becoming a member.

Learn more

More Raleigh stories

No stories could be found

Raleighpostcard

Get a free daily digest of the most important news in your backyard with Axios Raleigh.

🌱

Support local journalism by becoming a member.

Learn more