biotech
Life Sciences

NJ Life Sciences Report Reveals Thriving Ecosystem

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:

  • New Jersey’s manufacturing workforce ranks #2 in the country and has 307% more employees than the national average.
  • New Jersey is a leader in biopharmaceutical manufacturing, with eight of the top 10 pharmaceutical companies in the world having a significant presence in the State.
  • New Jersey is a leader in biopharmaceutical research and development, with an impressive nine out of the top 10 R&D companies in the world having a presence in the State.
  • New Jersey’s medical device sector is bolstered by the presence of eight of the top 10 medical device companies in the United States. The state has approximately 390 medical device manufacturing sites, providing employment opportunities for about 11,000 individuals — 22% more than the national average.
  • New Jersey is a leader in cell and gene therapy, with 40% of all therapies in development taking place in the region.
  • New Jersey is ranked as the most-improved state for business according to CNBC. The State is doubling investments in health sciences and rapidly positioning itself as a leader in generative artificial intelligence (AI).
  • New Jersey has world-class infrastructure and connectivity. Delivery of goods and access to customers is easy and efficient, with Newark Liberty International Airport, part of the busiest airport system in the country, the Port of New York and New Jersey, the East Coast’s busiest seaport, and the highest railroad density in the country. Infrastructure and connectivity ensure businesses in the State have access to top markets in the country and around the world.
  • New Jersey has top-ranked pre-K-12th grade public schools. High-quality education starts at the earliest stage and continues until students are ready to apply to their choice of the best colleges and research universities in the United States.
  • New Jersey is among the safest states in the United States. There is no second-best when it comes to quality of life. We are proud to be consistently ranked as one of the country’s safest states.

Download the full 2024 New Jersey Life Sciences Report here.

To access more business news, visit NJB News Now.

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