WCVB – Boston
Aided by favorable state tax policies, the growing life sciences sector in Massachusetts now features 132,000 jobs and a new report predicts another 42,000 new jobs will come online in the industry over the next decade.
The report also warns that demand for talent continues to outpace supply in Massachusetts and recommends “reinvigorated recruitment and retention approaches,” noting rapid growth in computing and information technology jobs to support the sector, according to the Massachusetts Biotechnology Education Foundation’s 2023 Massachusetts Life Sciences Employment Outlook.
Since 2019, Massachusetts has grown its life science employment base by 14.6 percent, compared to 9.4 percent growth nationally, the report said. Looking ahead, more than 8,500 of the projected new jobs will be scientists, about 7,000 will be management positions, and computing and IT jobs are projected to account for more than 5,300 new jobs over the next decade.
Beacon Hill has long embraced special policies to support the innovative sector. For instance, the Massachusetts Life Sciences Center announced $24.4 million in tax incentive awards to 43 life sciences companies, with the expectation that nearly 1,600 new jobs will be created.
The BIO International Convention will be held in Boston next week and life sciences supporters are rolling out announcements ahead of that. The center hopes to pull meeting attendees to its Massachusetts Pavilion at the Boston Convention and Exhibition Center.
Last week, the Massachusetts Biotechnology Council announced plans to launch a nonprofit to link underrepresented populations and individuals with life sciences training pathways and employer connections. Bioversity will operate a 4,000-square-foot workforce training center in Dorchester at the Southline Boston development on the site of the old Boston Globe headquarters.
MassBioEd is holding its 8th Annual Life Sciences Workforce Conference Wednesday at UMass Boston.
See original article at WCVB.