City of Phoenix issued the following announcement on Mar. 9.
The company’s annual report for 2021 reported Phoenix with an 8.5 percent increase in life science hiring in year-over-year data. Phoenix’s growth topped job growth in legacy markets San Francisco (5.6 percent), Raleigh-Durham (5.0 percent), Boston (4.4 percent), Dallas-Fort Worth (3.8 percent) and Austin (3.7 percent).
“Phoenix has attracted and grown global innovators and leaders advancing precision medicine for the fight against cancer and other life-threatening diseases,” said Phoenix Mayor Kate Gallego. “Investments of more than $500 million in the Phoenix Biomedical Campus, and new growth under development, underscore the vibrancy of our bioscience and life science ecosystem. It’s resulting in good jobs with high wages to support families, and more importantly, creating a center of innovation and an emerging cluster of advanced therapeutics which will benefit Arizonans and people worldwide.”
The trend is continuing. For December, the Arizona Office of Economic Opportunity reported that professional, scientific and technical services hiring rose 12.2 percent in 2021 compared to December 2020. Another 14,600 jobs were added to the healthcare sector. Together the bio/life sciences healthcare industry sectors added more than one of every four new Greater Phoenix jobs in December 2021 year-over-year data.
The industry’s job growth also reflects in demand for more lab and research space, and Phoenix, again, is a leader in healthcare square footage under development.
CBRE reports 23.8 million square feet of labs under construction across the U.S. In the city of Phoenix alone, the Community and Economic Development Department shows more than 5.5 million square feet of bio/life science and primary healthcare facilities under construction or in the development pipeline.
Among the legacy life science markets, only the Boston metro area has more healthcare square footage in development than Phoenix.
In 2021, Wexford Science and Technology opened its first 227,000-square-foot ground-up lab and research facility on the Phoenix Biomedical Campus. Additional facilities are being planned on the campus. More than $3.5 billion has been invested in new bio/life science healthcare facilities in Phoenix, supporting more than 9,000 jobs anticipated over the next 24 months.
This is the second year in a row CBRE has highlighted Phoenix as a top emerging market in life sciences.
Original source can be found here.
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