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LANSING – In an effort to diversify Michigan's economy and create jobs in the emerging field of life sciences, Speaker Pro Tempore Pam Byrnes (D-Lyndon Township) today announced the formation of the New Economy and Quality of Life Biosciences Subcommittee. The subcommittee will promote the bioscience industry, which has the potential to drive future economic development in Michigan.

"We need to do everything we can to expand this industry and continue to diversify Michigan's economy," said Byrnes, a member of the subcommittee. "Bioscience not only has great growth potential, it will draw significant investment to the state and pays its workers extremely well. This is just the type of economic development we need to help get our economy moving in the right direction."

The subcommittee will work to reverse a recent trend of Michigan falling behind in the competition to attract bioscience business to the state. While private-industry bioscience employment grew by 5.2 percent in the U.S. from 2002-2007, employment in the industry is down by 10.5 percent in Michigan.

Private bioscience industry payrolls already totaled nearly $2.5 billion in 2007 in Michigan, while university life science research investments were $897 million for the 2007 fiscal year. The 2007 average annual wage in Michigan for all private bioscience of $73,930 was more than 70 percent above the average for all private-sector jobs. According to a February 2009 report from the University of Michigan's Institute for Research on Labor, Employment, and the Economy, an estimated 6,213 direct jobs were created in Michigan by life science research and development expenditures.

"The Washtenaw area is a prime location for the expansion of this industry," Byrnes said. "Blessed with world-class research and educational facilities, our area is sure to be a magnet for bioscience companies. With the high-paying jobs that accompany this industry, our local economy and hard-working residents will benefit greatly from growth in this industry."