Dallas-Fort Worth, Houston, and Austin were named three of the top 10 U.S. cities for emerging life science clusters.
According to Commercial real estate firm CBRE, they ranked sixth, second, and third respectively. In this October report, their selections were based on:
- Size and growth of life sciences employment
- The concentration of research and development life sciences employment
- Amount and growth of life sciences venture capital funding, and National Institutes of Health funding.
“Biotech R&D employment reached a record in June as more venture capital was invested in life sciences opportunities in Q2 2020 than ever before,” according to the report.
The life sciences industry was thrust into the spotlight, with the greatest public health crisis in a century. Investors have a heightened interest in the life sciences industry, with the work to develop a vaccine and effective treatments for COVID-19. along with other medical breakthroughs.
What does this mean to you?
The economic impact on DFW can not be understated, as this and related industry represent 15% of the DFW economy. Growth in this sector will reflect on these and other economic factors:
- New employment opportunities if this fits your career path.
- Property values increase in single-family residential housing.
- Value-added to the local economy – business growth for supporting businesses.
Are you thinking about moving?