Report: Local life science jobs generate $380M economic impact

May 1, 2014

Life science companies contribute $1 billion in gross regional product and 6,000 jobs to Central Texas, according to a new report by the Austin Technology Council


The first-ever such ATC study found the average wage in the life sciences sector is $75,209 compared with $49,557 for the over-all regional wage. Also, more than 50 percent of the jobs are in research and development, generating a $380 million in economic impact for Central Texas


The study identified 13 industries that make up the life sciences sector and studied more than 200 businesses


Last year, such companies received $98.7 million in venture capital compared with $137.7 million in 2012, according to Dow Jones VentureSource. Experts have projected a rise in life science business activity in Austin after the opening of the Dell Medical School in 2016


The education requirements for life science jobs are much higher than the regional average with 51 percent of the positions requiring a post-secondary degree. However, the ATC study identified several standard occupations that pay between $13 and $20 per hour and require on-the-job training, and one category that pays more than $24 per hour with an associate’s degree


ATC Chairman Gary Sabins said in a news release that Austin has high hopes for its life sciences industry because of its potential economic and community influence


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