Utah Highlights of the 2022 TEConomy Report

TEConomy, CSBA, BIO
October 2022

The 2022 TEConomy/BIO report, The US Bioscience Industry: Fostering Innovation and Driving America’s Economy Forward, examines the bioscience industry’s impact on the national economy and provides state specific data, with Utah and its major metropolitan areas ranking high in specialized employment concentration in three major subsectors – medical device manufacturing, pharmaceuticals, research, testing and medical laboratories and a top 10 state for per capita VC investment. 

Utah highlights:

• Utah is one of only three states that has a specialized employment concentration in three or more bioscience subsectors – medical devices and equipment; pharmaceuticals; and research, testing and medical laboratories.
• Of the nation’s metropolitan areas, Utah cities – Salt Lake City, Ogden and Provo have an especially high concentration of bioscience industry strengths, including medical device manufacturing, pharmaceuticals and laboratory operations.
• Utah’s bioscience industry employment is one of the most highly concentrated in the nation, with a location quotient of 1.74, or 74 percent above the national average.
• In the Medical Device Sector, Utah ranked 5^th in employment growth among all states.   Utah’s metropolitan areas ranked high in employment specialization.  Location quotient shows how the area compared to national averages with the national average being 1.00.
  • • Salt Lake City Metro Area ranked 2^nd in large metro areas with a location quotient of 5.22 or 522% above the national average.  It also ranked 7^th in total jobs in the medical sector.
    • Ogden-Clearfield ranked 5^th in medium sized metro areas with a location quotient of 2.60, or 260% above the national average.
    • Logan ranked 7^th in small metro areas with a location quotient of 4.45,or 445% above the national average.
• In 2021, this report showed the industry provided 40,419 total direct industry jobs with 1,845 business establishments. With a force multiplier of 4.82, the life sciences industry in Utah accounts directly and indirectly for approximately 195,000 jobs according to the Teconomy report.
• Venture capital investments in Utah bioscience companies have increased significantly in recent years and in 2021 totaled nearly $900 million, up from $181.7 million in 2018 ranking Utah 8^th in per capita VC investments from 2018-2021.
• Utah generated nearly 1,900 biosciences related patents from 2018-2021.

“Clearly, Utah’s bioscience industry is continuing its growth trajectory as one of the fastest growing life sciences communities in the country,” said Kelvyn Cullimore, president and CEO of BioUtah. “Our bio community is creating jobs, attracting increased investment and driving life-changing innovation.”

About BioUtah and BioHive

BioUtah is an independent 501(c)(6) trade association serving Utah’s life sciences industry. Its member companies reflect a broad spectrum of the industry with strengths in medical device manufacturing and services, research and testing, biotechnology, biopharmaceuticals, advanced diagnostics, and healthIT, amongst others; and are a key driver of Utah’s economy and life-saving treatments and cures for patients. BioHive is a chartered organization of BioUtah. Its mission is to brand, build and bring together Utah’s life sciences and healthcare innovation community.

Learn More About BIO

BIO is the world’s largest trade association representing biotechnology companies, academic institutions, state biotechnology centers and related organizations across the United States and in more than 30 other nations. BIO members are involved in the research and development of innovative healthcare, agricultural, industrial and environmental biotechnology products. View the BIO Press Release HERE.

Learn More About TEConomy

TEConomy Partners, LLC is a global leader in research, analysis and strategy for innovation-driven economic development. They’re helping nations, states, regions, universities and industries blueprint their future and translate knowledge into prosperity.

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