PHOENIX, AZ (May 2, 2024) -- Greater Phoenix is emerging as a powerhouse in the bioscience industry, with remarkable growth and exciting developments. According to a new report from the Greater Phoenix Economic Council (GPEC) and CBRE, the points underscore this thriving ecosystem:
- The metro has seen an increase in job creation, new business formation, and funding in this sector, with over 26,000 bioscience employees and over 261,000 related jobs in healthcare.
- Over the past decade, Greater Phoenix has added new bioscience business locations at a rate 1.3 times higher than the nation.
- In 2023, Greater Phoenix placed 41st globally in PitchBook rankings of the global VC ecosystem.
- Greater Phoenix ranks first in NIH funding growth over the past 5 years among all markets, with at least $100 million in annual funding in 2022.
- Completions in bioscience-related fields from Greater Phoenix-based institutions grew by 1.5 times, averaging 8.3% year-over-year growth in academic years 2016-17 and 2021-22.
- Greater Phoenix’s STEM talent pipeline has increased by 67% between 2012 and 2022 versus 33% nationally.
- As of Q1 2024, Greater Phoenix has roughly 2.5 million sq. ft. of existing life sciences space. In April, just over 360,000 sq. ft. of this space remained available for lease, amounting to a vacancy rate of 14.6%.