Study: More than 77,000 jobs tied to state's biotech industry |
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Study: More than 77,000 jobs tied to state's biotech industry
It has been a rough year for the Seattle biotech industry with layoffs, losses and one poorly performing initial public offering. But a new report released today by the Washington Research Council indicates that the industry plays an important role in the state's economy. The report found that 22,349 people work directly in the life sciences industry, with another 55,000 jobs indirectly supported by the industry.
Clay Holtzman at the Puget Sound Business Journal has more details, reporting that the jobs contributed $5.7 billion to the state's gross domestic product and $5.3 billion in personal income last year.
Despite the tough year, the report says that the state's "life sciences industry has formed a unique innovation pipeline that creates high-paying jobs, drives economic activity, saves lives and defines Washington's cutting-edge business culture."
Other reports have not painted as positive of a picture, with the Milken Institute earlier this year ranking Seattle as the 11th most important biotech cluster. That compared to 10th in a 2005 report.
[Flickr photo via kaibara87]
About John Cook
John Cook is co-founder and executive editor of TechFlash. He has been covering the technology beat for nearly a decade, writing about startups, entrepreneurs and venture capital, most recently serving as a reporter/blogger at the Seattle Post-Intelligencer.
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