2023 September Life Sciences Update
U.S. Life Sciences Job Growth Fuels Inventory Growth
› Employment has been the key driver of inventory growth in the U.S. Life sciences employment continued to grow through the pandemic, with only one month of job losses: April 2020 declined by 0.1%. › Annual life sciences job growth has averaged 8.8% on a four-quarter rolling basis from Q1 2020 to Q2 2023, outpacing total employment growth of 0.9% over the same period. Additionally, life sciences employment growth has outpaced other high-growth employment sectors, including high tech (2.9%) and industrial (3.3%) over the same period. › Annual inventory growth has averaged 5% over the period of 2020 to 2023, trailing life sciences employment growth.
U.S. Life Sciences Job and Inventory Growth
Inventory
Employment - R&D in Biotechnology (RHS)
300
300
250
250
200
200
150
150
Inventory ( MSF)
100
100
Key Takeaway: Research & Development employment has outpaced the broader job market but is slowing down. Look for a reacceleration when overall employment starts to grow again.
Employment (In Thousands)
50
50
0
0
2015
2016
2017
2018
2019
2020
2021
2022 Q2 2023
Source: U.S. Bureau of Labor Statistics, Cushman & Wakefield Research
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LIFE SCIENCES SEPTEMBER 2023
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