California's Biotech Industry Is Tops; New Report Says Efforts To Lure Firms Away Haven't Hurt

California hasn't lost its edge in biotech despite raids by other states eager to lure away its high-paying jobs, a report on the state's biotech industry concluded. Still, the sector is unlikely to be a growth driver for California's economy. Despite the competition from other regions, California gained more jobs than it lost due to the relocation of biotech firms during a 10-year period studied by economist Junfu Zhang, a research fellow at the Public Policy Institute of California. Although more firms left California than moved in, Zhang found that the 52 departures cost California only 815 jobs, while the 45 arriving firms brought in 1,739 positions. The companies moving to California in the study period, 1990 to 2001, were more likely to be newer, with more growth potential, according to the report released today.

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