Product No.: DS15040
Date Published: 08/2015
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This report assesses the importance of the life science cluster to Greater Philadelphia's regional economy. With a location quotient of 1.33, biotechnology (or life science) is one of the region's strongest industrial clusters. An assessment of the health and medical science occupation cluster, combined with the previously identified significance of the region's education and knowledge creation cluster, shows that Greater Philadelphia's workforce clearly has the talent and skills necessary to support this critical cluster. The analysis also reveals, however, that the location quotients related to health care have declined in Greater Philadelphia since 2001, despite growth in total employment. This trend is true whether considering the life science industrial cluster or the health care and medical science occupation cluster, and indicates that growth in the region’s life science industries and health care occupations has been outpaced by growth in other regions. Greater Philadelphia has also been less successful than other regions in maintaining its share of available life science-related venture capital. Economic development professionals and policy makers should continue to work to support the critical life science cluster, and support initiatives to ensure that the region's workforce is prepared to meet the needs of its future employers.Geographic Area Covered: Greater Philadelphia, including Bucks, Chester, Delaware, Montgomery, and Philadelphia counties in Pennsylvania and Burlington, Camden, Gloucester, and Mercer counties in New Jersey.
Key Words: Economic clusters, life science industry cluster, health care and medical science occupation cluster, traded industries, local industries, location quotient analysis, basic jobs, venture capital
Staff Contact(s)
- Brett Fusco (bfusco@dvrpc.org)
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