September Jobs Report: 336K jobs added, life sciences contributes +29k
In a shocking announcement from the Bureau of Labor Statistics, 336k jobs were added in September's Jobs Report, completely blasting analyst expectations (170k job additions predicted). The unemployment rate remained steady at 3.8%. While these numbers are great for the economy, it's not exactly the cool down the Fed is looking for to keep inflation in check.
Professional, scientific and technical services, the sub sector for Life Sciences, was once again a top performer with 29k jobs added and saw a slight hike in its unemployment rate. Here's a look at key Life Sciences jobs report insights.
Key Life Sciences Jobs Report Insights
Total Jobs Added: +336k
Life Sciences Jobs Added: +29k in Professional, Technical and Scientific Sciences
Life Sciences Unemployment Rate: 2.9% which is up from August
YOY Gains: +331k jobs which averages +27.6k jobs per month
Digital Jobs Gap In Life Sciences
Talent with data and digital skills are in top demand in the life sciences industry. Pharma companies are prioritizing filling that skills gap in their workforce, according to a recent report. Many of the clients we work with are looking for traditional lab skills for research and development jobs, but also data-specific skills. The life sciences industry continues to push the edge of innovation and discovery, the skills organizations need are evolving with the scientific and technical challenges they face.
A new survey of more than 30 different employers in the pharmaceutical industry found a number of high-priority skills remain in short supply:
- 57% say application of scientific, mathematical and digital knowledge is problem area in new recruits
- 44% are taking more apprentices compared to four years ago
- 20% increase in demand for STEM-related roles across life sciences in U.S.
The increase in apprenticeships is indicative of employers making efforts to fill skills training gaps to fit their ever-changing needs in the digital landscape.
Read more: Artificial Intelligence Expertise Will Drive Transformation
Surge In Generative AI Job Postings
The need for artificial intelligence skills is also an emerging trend in the life sciences job market. GlobalData reported a 407% increase in pharmaceutical generative AI postings between April and July 2023. The GlobalData report suggests that generative AI can have a significant impact on the length of time in the drug design process – cutting the initial exploratory phase by three or four years.
We are also seeing explosive growth in life sciences jobs in various parts of the U.S. For example, Maryland has experienced a surge in new job postings – a 39% increase since 2019. That is far outpacing overall life sciences job postings in the U.S., which saw a 10.4% increase in the same four-year time period. Data from a national report commissioned by 20 state bioscience associations found the U.S. life sciences industry increased employment by 8%, which outpaces the 6.9% growth in other sectors.
“This is an industry that’s obviously growing, it’s growing in Maryland faster than the rest of the U.S. It’s time for Maryland to step up and embrace this growth,” said Kelly Schultz, CEO of the Maryland Tech Council.
Read more: Where Are The Jobs?
Comeback For Growing Startups
Commercial real estate experts are predicting a comeback for life sciences as capital sources grow more confident, according to JLL’s 2023 Life Sciences Industry and Real Estate Perspective. The report identified the state of the industry along with trends and opportunities for lab space demand. JLL found the top 20 venture capital firms focused on life sciences are waiting to deploy record amounts of capital that will soon find its way into growing startups.
“Established pharmaceutical companies and biotechs have the chance to strategically select long-term markets for R&D growth,” said Kevin Wayer, President, Life Sciences, Work Dynamics Division, JLL. “It’s the perfect opportunity for larger companies to analyze their real estate portfolios and facilities and make informed location choices, as well as for growing companies and startups seeking to scale. It marks a new era of strategic decision-making in the life sciences industry.”
JLL, a global commercial real estate and investment management company, found small biotech occupiers have a critical need for bench space and were the largest seeker of new space in 2023 compared to mid- to late-stage companies. Monitoring real estate investments in the life sciences industry will provide greater insights into job growth and future trends in this evolving field.
Read more: 2023 Life Sciences Market Report
Work With Us
In a fiercely competitive job market for life sciences professionals who have their pick of roles, it can pay dividends to work with a specialist employment agency instead of a more generalist headhunting firm. Because Real Staffing focuses purely on STEM recruitment, we better understand the needs of life sciences employers and have relationships with a diverse and widely skilled pool of highly qualified candidates who we have already vetted, so our clients do not waste time screening unsuitable candidates. Whether you’re an employer or professional seeking your next career move, " target="_blank">contact us today to get started.