ANNUAL FORECAST REVIEW

Mark BrusoManager of Labor Market Research

MassBioEd

FIVE STORYLINES

1. Industry keeps growing

2. Pace of growth is perhaps slowing a bit

3. 12,000 new jobs

4. Historically long times to fill openings

5. Industry can do more to expand access

INDUSTRY

GROWTH

51,511

56,611 57,754

59,360

64,641

70,562

INDUSTRY EMPLOYMENT, MASSACHUSETTS

2007 - 2017

Industry Growth Slows During

Great Recession

GROWTH RATE BY SECTOR, LAST FOUR YEARS

27%

24%

20%

8%

4%

2%1% 0.3%

Biotech R&D Medical Testing Labs TOTAL INDUSTRY Pharmaceutical

Manufacturing

Hospitals Lab Instrument

Manufacturing

Universities/Colleges Testing Labs

INDUSTRY JOB LISTINGS BY YEAR

8,664

9,765

9,557

10,638

9,701

10,768

11,447

11,470

10,910

11,122

11,824

13,450

11,735

14,256

17,224

16,295

2010

2011

2012

2013

2014

2015

2016

2017

Non-STEM STEM/Technical

27,765

28,671

21,381

24,088

21,436

25,024

19,574

20,887

MONTHLY JOB LISTINGS

2,3

83

2,3

28

2,0

25

2,6

84

2,8

00

2,7

79

2,1

78

2,3

22

1,9

80

2,5

50

2,1

50

2,4

97

2,0

16

2,6

19

2,5

87

2,4

75

2,7

57

2,1

03

2,7

06

1,7

41

2,4

24

1,5

53

2,1

02

1,5

69

2016 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 2017

January February March April May June July August September October November December

August – December, -25% vs. 2016

FOUR-YEAR DEGREE = FOOT IN THE DOOR

Assoc.

8%

Bachelor’s

64%

Master’s

10%

PH.D.

18%

Assoc.

13%

Bachelor’s

69%

M.S.

7%

PH.D.

11%

ALL STEM/TECHNICAL OPENINGS ENTRY LEVEL STEM/TECHNICAL OPENINGS

NEEDED: SOME EXPERIENCE

0-2 Years, 33% 3-5 Years, 39% 6-8 Years, 16% 9+ Years, 12%

TOP STEM JOB OPENINGS

Occupation Type2017

Openings

Annual

Change

Medical Scientist 2,410 +5%

Researcher / Research Associate 1,755 -16%

Clinical Research Coordinator / Manager 1,072 +13%

Biologist 807 -22%

Chemist 754 -2%

Chemical / Process Engineer 593 -7%

Biological Technician 513 +3%

Quality Control Analyst 447 -1%

Project Manager 436 +1%

Medical Director 431 +6%

Biostatistician 413 -7%

Software Developer / Engineer 383 -2%

Laboratory Technician 361 -26%

Compliance Manager 321 -2%

Science Research Manager 318 -8%

Many of the top

STEM openings in

2017 decreased from

their 2016 levels

BIG declines in Lab

Technician, Research

Associate, and

Biologist openings

Job Listings by Region(It’s not just Boston & Cambridge)

• Boston/Cambridge: ~60% of

job openings the since 2015

• North and Metrowest

together: almost 30%

• North is only region to

expand 3 years running

+4.6%

+36%

+21%

-18%

-7.2%

-6.8%

CONTINUED

GROWTH

THROUGH

2023

+8,638

+1,021+787 +658 +455

+192 +67

Biotech

R&D

Med.

Testing

Labs

Pharma

Manuf.

Hospitals Lab Instr.

Manuf.

Universities Testings

Labs

PROJECTED EMPLOYMENT

GROWTH BY SECTOR, 2017 - 2023

12,000 new jobs in MA

FORECAST GROWTH RATES – BY SECTOR

+22.1% +21.5% +20.7% +20.0%

+17.4%

+8.4% +7.9% +7.1%

Med.

Testing

Labs

Biotech

R&D

Lab Instr.

Manuf.

Testings

Labs

ALL

SECTORS

Universities Pharma

Manuf.

Hospitals

PROJECTIONS

Fastest Growing Job Types

• Legal (+28%)

• Computer-related (+27%)

• Sales (+27%)

• Life Sciences (+27%)

Most New Jobs

• Medical Scientists (+1,235)

• Biochemists (+757)

• Bio. Technicians (+665)

• Research Managers (+359)

OTHER FAST-GROWING JOBS

• PR Specialists, +39%

• Chemical Engineers, +31%

• Statisticians, +29%

• Lawyers, +28%

• Market Research Analysts, +25%

• Management Analysts, +25%

• Training & Development Specialists, +23%

FAST, JUST NOT AS FAST

+22.1% +21.5% +20.7% +20.0%

+17.4%

+8.4% +7.9% +7.1%

+33.1%

+24.0%

+33.9%

+19.9%

+20.5%

+6.4%

+18.1%

+5.8%

Med. Testing

Labs

Biotech R&D Lab Instr. Manuf. Testings Labs ALL SECTORS Universities Pharma Manuf. Hospitals

PROJECTED GROWTH RATES vs. 2011-2017 ACTUAL GROWTH

RATES

PAY GROWTH – UP, UP, AND AWAY

For Entry Level STEM/Technical Jobs:

+7.9% Growth

Midlevel:

+9.1% Growth

Senior level:

+10.1% Growth

2018

Industry

Survey

83% of respondents

report plans to expand

employment in the next

12 months

2018

Industry

Survey

65% report average

times to fill openings

exceeding 2 ½ months

The national average is 1

month

2018

Industry

Survey

30% of companies reported even longer waits – of 3 months or longer.

$500 – estimated cost to employers each day an opening is left unfilled

2018

Industry

Survey

These Functional Areas…

1. Research & Development

2. Clinical Research

3. Quality

4. Regulatory Affairs

…could present pressure

points in 2018

Most

Detrimental

to the

Bottom Line

5. Incumbent worker training, 5%

4. Experienced Workers’

Compensation, 18%

3. Training/Onboarding Costs, 20%

2. Worker Turnover, 25%

1. Time-to-Fill for Openings, 33%

NEW GRADS

+56% +51%

+100%

+16%

Associate Bachelor’s Master’s Ph.D.

GROWTH IN CONFERRALS BY LEVEL, SINCE 2010

NEW GRADS VS. STARTER JOBS

+56%+51%

+100%

+16%

+103%

+49%

+71%

+43%

Associate Bachelor’s Master’s Ph.D.

GROWTH IN GRADS VS. ENTRY LEVEL JOBS, ANNUALLY,

2017 VS. 2010

Graduates

Starter Jobs

GRAD TRENDS

• Bachelor’s:

– Chemical Engineering (+78%)

– Bioengineering (+102%)

• Ph.D:

– Biology, Biochemistry, & Chemistry up 6%

– Drug Dev. jobs up 43%

TOP-RATED “SOFT” SKILLS

80% 78%

66%

32%

18%

9%

Team Work/

Collaboration

Communication

Skills

Critical Thinking Detail-Oriented Leadership Planning

DIVERSITY

~30% have formal initiatives at management

and contributor level…

17% at the board level

60% didn’t have a formal initiative

FULL REPORT

AVAILABLE FOR DOWNLOAD

NOW AT:

massbioed.org/job_trends