Southeast Medtech Industry Continues Growth
The southeast is hot when it comes to medtech! At the SEMDA Conference in May, I reported on the status of the medtech industry in the southeast, focusing on investment, employee and company growth, and medical device patents. Since then, Battelle and the Biotechnology Industry Organization have released updated statistics on employment and medical technology establishments for 2012 – 2014. The statistics for employment and establishment growth are outstanding for the southeast region!* Download the full Battelle report here.
The southeast led the country in employment and establishment growth from 2012 – 2014. While overall US employment in the medtech industry fell by 0.1%, employment in the southeast grew by 5.1%, adding 2,874 jobs. The region added 174 establishments during the same period, a 9.4% increase compared to a 5.5% increase nationally. Florida further solidified its position as the medtech leader in the southeast with double digit growth in both employment and new establishments. North Carolina was the only state that lost both jobs and establishments, but not nearly enough to drop them from the top 3 in both categories. Slides with full statistics can be found below.
Of the 12 states included in this report, nine had overall employment growth from 2012 – 2014. Kentucky, North Carolina, and South Carolina were the only states that lost employees during the period, but their relatively minimal losses were not nearly enough to offset the tremendous growth in the region. Arkansas was the leader in percentage growth, increasing by more than 44%, reversing the trend from 2007 – 2012 when they lost a substantial portion of their medtech jobs. Florida led in the number of new jobs with a staggering 1,591 new positions.
Three southeastern states cracked the top 20 cities for medtech employment. Memphis, TN ranks #12 with 5,811 jobs, Miami is #13 with 4,823, and Dallas is #16 with 4,338.
Only North Carolina lost establishments from 2012 – 2014, losing three. South Carolina led in percentage gains in the region, with nearly 30% more establishments in 2014 than in 2012. In addition to South Carolina’s impressive gains, Kentucky, Florida, and Arkansas all had double digit growth. Arkansas also led the turnaround in establishments going from a 23% decrease in 2007 – 2012 to a 13.3% increase from 2012 – 2014. Florida once again tops the list in total new establishments, adding 100 – more than all the other states combined.
*States included in this report are Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee, Texas, and Virginia.