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Chicago Poised for Growth

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Chicago is one of the nation’s leaders for employment in the life sciences industry according to a recent report from CBRE. While many U.S. industries are navigating fundamental disruption, the life-sciences industry – which includes pharmaceuticals, biotechnology and medical-device manufacturing – is on a long-term expansion track. Chicago is primed to benefit from this industry’s growth, as the market has seen strong gains in employment and National Institutes of Health (NIH) funding in recent years.

Noted Scott Brandwein, executive vice president with CBRE in Chicago; “Chicago is well-positioned for future growth in life sciences thanks to its large cluster of pharmaceutical and biotech companies and world-renowned research institutions such as Northwestern, Chicago, Rosalind Franklin, the University of Illinois at Chicago, Fermi and Argonne Labs.”

Chicago has received an employment boost in recent years, especially in its traditional industries of pharmaceuticals and medical manufacturing, which have experienced a sharp uptick since 2013. Jobs in this sector total increased nearly 18,000, exceeding the previous high of approximately 17,500 in 2006. In total, Chicago is the fifth largest market in the nation for employment in this sector. To read the entire CBRE report, click here.


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