Choose New Jersey, in partnership with JLL, BioNJ, and the New Jersey Economic Development Authority (NJEDA), has released the 2024 New Jersey Life Sciences Report, showcasing New Jersey’s thriving life sciences ecosystem and highlighting its place as a national leader for companies seeking market access, affordable real estate, and world-class talent.
“New Jersey’s life sciences industry stands at the forefront of innovation and excellence with one of the world’s premier life sciences ecosystems,” said Choose New Jersey President and CEO Wesley Mathews. “Through world-class facilities, skilled talent, and unique partnerships, the State’s rapid investment in its life sciences infrastructure means there has never been a better time for businesses to locate and expand in New Jersey.”
The report showcases the state’s top-ranked research universities, highly skilled and highly trained workforce, the country’s highest concentration of engineers and scientists per square mile, multi-stage incubators, and flexible and creative economic incentive programs.
It also reveals that New Jersey offers top-tier R&D and manufacturing spaces, including repurposed legacy sites that are business-ready and cost-effective.
In fact, the state boasts over 22 million square feet of existing lab space, with millions of square feet available for lease or purchase. The ongoing and planned construction of first-class life sciences campuses and hubs puts that number on pace to increase 27% by 2026. Whether companies specialize in biopharmaceutical manufacturing or R&D, medical devices, or cell and gene therapy, New Jersey has space for ambitious growth plans and the workforce pipeline and programming to help companies succeed.
“New Jersey’s robust infrastructure and strategic location make it an ideal hub for life sciences innovation,” said Daniel Loughlin, vice chairman of JLL. “The state’s ability to support ambitious growth in the life sciences industry is reinforced by a thriving workforce and high-quality real estate that is globally competitive and readily available, further cementing its position as a vibrant life sciences ecosystem.”
Additional key highlights of the 2024 New Jersey Life Sciences Report include:
Download the full 2024 New Jersey Life Sciences Report here.
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