NYC Metro Area Leads Nation on Life Sciences Industry Jobs and Funding
Findings within the Life Sciences in the NYC Metro report compiled by the Department of City Planning (DCP) in collaboration with the NYC Economic Development Corporation (NYCEDC) reveals that the NYC Metro region, which includes New York City and surrounding 26 counties in New York, New Jersey, and Connecticut, “is a powerhouse when it comes to growth of the life sciences sector” with more than 26.3 million square feet of laboratory space. The report that explores one of the fastest growing innovation sectors inside the nation’s largest metropolitan economy indicates that “New York City serves as the gravitation center for the largest life sciences hub in the country.” The current count of 150,000 life sciences jobs and nearly 5,100 life sciences companies that generated more than $23 billion in wages in 2021 within the NYC Metro region tops the next leading metros, San Francisco and Boston, by 14,000 jobs and 30% more companies respectively.
As a leader in life sciences investment, over 70% of the NYC Metro’s $4.1 billion in National Institute of Health (NIH) funding in 2021 was directed to institutions and businesses in NYC; and healthcare/biotech venture capital (VC) funding in the tri-state area, which has nearly tripled since 2015, reached $3.3 billion in 2020, placing NYC Metro third after San Francisco and Boston. In Manhattan, Kips Bay is the core life sciences hub serving as the home to multiple anchor research institutions and more than 1 million square feet of commercial life sciences space — a number that will increase to 1.8 million square feet upon completion of the third tower within the Alexandria Center for Life Sciences campus.