by the numbers
A new report found that Houston has great potential across a handful of life science subsectors.
The study by Newmark Consulting Group was commissioned by the Greater Houston Partnership and sponsored by San Jacinto College, Lone Star College, Houston Community College, and McCord Development. It looked at the region's existing resources and value proposition in the life sciences sector.
According to the report, Houston is home to industry-leading expertise in three subsectors: cell and gene therapy manufacturing, molecular diagnostics, and biologics drug development and manufacturing.
From a workforce perspective, the city has a steady flow of new talent from regional universities and "an emerging and robust commitment by community colleges to support two-year degree pathways to meet industry demands and the ability for life science companies to grow and thrive in the market," per the report. The findings led to identifying the next steps for the Houston region to capitalize on these advantages.
“The Newmark study confirms what we knew to be true about the potential for life sciences growth in Houston,” says Susan Davenport, GHP's chief economic development officer, in a news release. “The study will help us coalesce our regional partners around a cohesive strategy to grow and expand the industry in Houston.”
The report's other key findings included:
Ion to Infinity
When it comes to corporate giants, the Houston area has plenty to brag about: It’s home to the headquarters of two dozen Fortune 500 companies.
However, Houston can also boast that it’s one of the best U.S. metro areas to launch a business. Houston ranks ninth on a new list from the 42Floors real estate website of the top spots for new entrepreneurs. Austin lands at No. 3 on the list, Dallas appears at No. 8, and San Antonio winds up at No. 19. Las Vegas ranks first.
The website judged metro areas based on factors reflecting business opportunity and affordability.
“Starting out in a business-friendly environment, being able to afford a small office, or even having access to the right consulting services and networking opportunities can all contribute to your new business’s chances for success,” 42Floors says.
Among the factors favoring Houston are:
Referring to Houston, Austin, and Dallas, 42Floors says: “As you might expect, each metro in the Texas trio offered a different context in which different businesses could thrive. For this reason, entrepreneurs will need to weigh the importance of affordability and opportunity for their respective business ideas.”
The presence of Houston, Austin, Dallas, and San Antonio in the top 20 of the 42Floors study underscores the Lone Star State’s standing as a top state for startups.
Job search platform Lensa recently ranked Texas as the best state to launch a startup. To developing its ranking, Lensa examined factors such as volume of new-business applications, corporate tax rates, and cost of living.
Texas earned a 7.09 out of 10 on Lensa’s scale. Helping driving that score was the 492,243 new-business applications filed in the past year in Texas, beating all other states except California and Florida. The application number “demonstrates just how many ambitious entrepreneurs there are in Texas,” Lensa says.
In addition, Texas lands at No. 2 among the top 10 startup states for the lowest corporate tax rate, at 3.95 percent, and at No. 3 among the top 10 startup states for the lowest cost of living.