CA Life Science Industry Generates Almost $347 Billion Annually & Supports More Than 1.3 Million Jobs
The latest economic impact report by Biocom reveals that the California life science industry provides nearly 1.3 million jobs in the region, with economic activity generating a total of $346 billion in 2018 alone.
Over the past five years, California’s life science industry has seen an 8 percent increase in the number of jobs statewide. California also received the most research funding from National Institutes of Health out of any state in the country, a total of $4.2 billion in the 2018 fiscal year.
The numbers released in Biocom’s latest report further signifies the essential role the life sciences industry plays in fueling the Golden State’s standing as the fifth largest economy in the world.
As California lawmakers consider policies that will impact the health and lives of Californians, this report provides a deep analysis of the value the life science industry has not only on our economy but also on the medical breakthroughs that keep our communities healthy.
Biocom’s 2019 Economic Impact Report Databook underscores the significant contributions of the life science industry across California and in specific legislative districts.
Among its most important findings, California’s life science industry:
- Generates nearly $347 billion to the state’s economy
- Supports more than 1.3 million jobs
- Received the most research funding from National Institutes of Health
- Increases labor income by $104 billion per year
- Boosts the state’s total gross product by $195.8 billion
Click on the following links below for fact sheets on specific life science communities:
- Southern California Fact Sheet
- City of Los Aneles Fact Sheet
- City of San Diego Fact Sheet
- Bay Area Fact Sheet
- San Diego County Fact Sheet
- Los Angeles County Fact Sheet
The full report may be accessed here.
We hope you find this information useful in your policy considerations. If you have any questions or need additional information, please contact Patty Cooper at (916) 764-2434 or [email protected].
Stay informed on the latest news and trends on the economic and health benefits of this important industry by visiting the new CABiotech.org
For more information about California’s biotechnology and life science industry, contact California Biotechnology Foundation Executive Director Patty Cooper at (916)764-2434 or [email protected].