Life Science

MassBio Releases 2022 Industry Snapshot

Cambridge, MA – The Massachusetts Biotechnology Council (MassBio) recently released its 2022 Industry Snapshot. The report shows significant growth across the life sciences industry in 2021 in areas such as workforce and real estate.

According to the report:

  • Since the Massachusetts Life Sciences Initiative was passed in 2008, biopharma employment grew by 96.5%, and has grown by 131% since 2006.
  • In 2021, biopharma employment in Massachusetts grew by 13.2%.
  • The life sciences industry employs 106,704 with an average annual wage of $201,549 for a total of $21.5 billion in total Massachusetts-based wages.
  • Massachusetts biopharma companies have received 26% of all VC investment nationally.
  • Life sciences real estate pipeline projections call for between 26 million and 59 million sq. ft. to be added to Massachusetts inventory by the end of 2025.

Additionally, 1.7 million sq. ft. of GMP space is currently under construction, and 14.86 million sq. ft. of lab space is currently under construction.

Click here to read the full report.