Houston continues to evolve as a premier destination for life sciences and biomanufacturing through a multifaceted strategy that capitalizes on its existing strengths and fosters innovation and growth.   Since its inception in 1945, the Texas Medical Center has evolved into a vast medical district spanning 5 square miles  and serving over ten million patients annually.  More than 60 institutions operate within the Texas Medical Center, serving as a catalyst for Houston’s collaborative ecosystem, with efforts like the Cell Therapy Manufacturing Center, JLABS@TMC and CUBIO. This helps set the stage for groundbreaking research and provides direct access to nearly 5,000 active clinical trials, a major boon to innovation.   Recent years have witnessed significant strides in laying a robust foundation for Houston's position as a leader in innovative life sciences and biotechnology. These efforts came into focus last month at Bisnow’s Life Sciences Evolution event, with leaders in the life sciences industry, real estate and innovation envisioning the future growth of the Houston life sciences market. Among the assets shared as advantages were access to clinical trials, business environment, workforce efforts and quality of life.   “Having access to the patient population is critical to success, especially a diverse population,” Monique Knighten, PhD of Portal Innovations said. “There’s a key benefit to have access to these clinical trials and the expertise involved, as well as living close to where the science is being developed.”   Legislative actions, such as the passage of Proposition 10 in November which provides new incentives for medical device and pharmaceutical manufacturing companies, enhances the region's competitiveness and economic prospects. Additionally, investments in workforce development, exemplified by collaborations between educational institutions and industry partners like San Jacinto College and the National Institute for Bioprocessing Research and Training (NIBRT), ensure a skilled talent pool for the future.  “The relationships with companies, colleges and high schools are integral,” Pearland EDC Vice President Brian Malone said on the panel at Bisnow discussing suburban life sciences growth. “We’ve really worked hard on that with a business retention plan to find out what type of training and what type of workers these companies need.”   Furthermore, substantial real estate investments further support life sciences research and development. TMC’s Helix Park opened in 2023 with the TMC Collaborative Building and industry research hub Dynamic One, with new tenant Houston Methodist leasing 75,800 square feet. Just north inside the Medical District, Hines’ Levit Green is now leasing nearly 300,000 square feet of purpose-built lab and office space as part of a future 53-acre district. On the northeast side of the metro, McCord’s master-planned Generation Park recently broke ground on a new Center for Biotechnology in partnership with San Jacinto College. In The Woodlands, Alexandria is developing 8800 Technology Forest Place into 325,000 square feet of Class A space.   Initiatives such as the Cancer Prevention Research Institute of Texas (CPRIT) and a thriving innovation ecosystem further reinforce the city's position at the forefront of bioscience breakthroughs and economic impact.  With strategic advantages like its top-ranked port, diverse population, and accessibility to global markets, Houston is poised to further elevate its status as a hub for life sciences innovation. As Houston continues to advance its life sciences and biotechnology sector, opportunities for collaboration and growth abound, driving progress in public health and driving the next wave of bioscience innovation.   Explore Houston's dynamic life sciences ecosystem.  

HOUSTON (Dec. 7, 2023) — The Greater Houston Partnership forecasts the Houston region will see job growth in 2024, although at a slower pace, as interest rates, a tight labor market and turmoil in commercial real estate weigh on the economy. In the Partnership’s forecast, the region is projected to add 57,600 jobs, returning to a more sustainable pace after record job growth post-pandemic. Houston added nearly 200,000 more jobs than it did before the pandemic as of October 2023.  “The Houston region has been running at a sprint ever since emerging from the pandemic. So, while growth will slow down next year, Houston’s economy remains resilient,” Partnership Chief Economist Patrick Jankowski said.  According to the forecast, job losses in 2024 will occur in construction, finance and insurance, information, and real estate – industries impacted by higher interest rates, tighter lending standards and ongoing labor shortages. There is a growing consensus among economists that the U.S. will skirt a recession next year after the long-awaited recession never materialized this year. According to the Wall Street Journal’s latest quarterly survey of business and academic economists, they placed the probability of a recession within the next year at 48 percent, the first time it was below 50 percent since 2022. But there is concern that events beyond the U.S. Federal Reserve’s control, such us geopolitics, could still trigger a recession. Houston’s economy is directly tied to the national economy and will almost certainly follow the U.S. into any recession. A sector-by-sector breakdown of the jobs forecast and the factors impacting each industry can be found in the full report.