Closing the Gap: New York’s Decade of Growth in Life Sciences

Overview

Driven by strategic investments from both the public and private sectors, New York’s life sciences industry is achieving its potential and has made significant strides over the past decade, rising in national rankings for venture funding, public investment, and economic output. 

While the life sciences sector will inevitably see periods of growth and challenge, the groundwork we’ve laid has built a strong foundation for New York to sustain its strong momentum and remain competitive in the years ahead.

We are proud to share our update on the industry and what it means for the New York region, its residents and economy.

Key Takeaways

New York’s life sciences sector is not just growing, it is thriving. New York has successfully narrowed the gap with the nation's top hubs:

• A 700% Increase in Venture Capital: Life sciences VC funding in New York has surged from $311 million in 2014 to $2.4 billion in 2024. 
  
  

• A Top-Tier National Ranking: New York now ranks third in the nation for life sciences venture funding, a significant leap from ninth a decade ago.
  
  

• Economic Impact: The sector has consistently outperformed the broader city and state economies in business formation, job growth, and economic output.