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NYC Life Science Workforce & Fiscal Impact Analysis
CLIENT:
Confidential
LOCATION: 
NY
2021
Start:
2022
END:
Sector:
Private
Service areas
+

Inclusive Development + MWBE Strategy

+

Economic + Social Impact Analysis

+

Economic Revitalization + Community Planning

+

Market + Zoning Analysis

A large real estate developer based in New York City seeks to build a
life science campus in Manhattan. Though relatively nascent, NYC’s
life science industry generates outsized economic output, producing
high-paying jobs and attracting innovative biotech companies,
particularly as the region charts its recovery from the COVID-19
pandemic.

The City continues to prioritize advancement of the life science sector,
as demonstrated by the $1 billion commitment to the City’s LifeSci
NYC program. In this context, the developer is exploring opportunities
to ensure that a proposed life science development offers strong
workforce development opportunities and benefits for communities
across the city.

Karp Strategies was hired by the developer to conduct an analysis of
the life science sector in New York City and to find ways to optimize
workforce development and community investment. Karp Strategies
undertook a sweeping workforce development analysis to identify key
demographics of the life science workforce and potential opportunities
for advancing equitable access to future jobs. This analysis was
rooted in data surfaced through interviews with leaders across the life
science sector and a thorough analysis of the latest data and industry
reports. Karp Strategies also conducted a fiscal impact analysis of
this development. Karp Strategies then developed a comprehensive
key findings and recommendations report that identified workforce
and hiring trends in the life science industry and strategies for filling
existing industry gaps through future developments.