Sector Overview

The Life Sciences & Medical Services cluster includes a variety of sub-sectors, but those most relevant to Polk County are focused in the Health & Medical Services sub-cluster, defined by SRI as including hospitals, nursing and residential care facilities, ambulatory health care services and home health equipment rental.

Industry Profile & Employment Trends in Polk County and Central Florida

Life Sciences & Medical Services is Polk County’s fourth largest cluster, employing nearly 21,100 workers in Q3 2007 and accounting for around 11% of total employment in Polk County. It is also one of the fastest growing clusters in the county, with an average annual growth rate of 11.7% over the last few years. Its average wages ($40,153) are well above the Q3 2007 county average.

Its three sub-clusters include Medical Equipment, Pharmaceuticals and Health and Medical Services. Medical Equipment and Pharmaceuticals together represent only about 0.3% of the cluster’s total employment, leaving Health and Medical Services as the dominant portion of the cluster.

Across the Central Florida Region, the Life Sciences & Medical Services cluster has also been growing at a rapid rate. Employment concentration ratios are highest for this cluster in Highlands, Hardee and Polk Counties; each has ratios above the national average.

Health & Medical Services comprises from 97% to 100% of the cluster’s employment in all five counties and is primarily in activities such as nursing homes, hospitals and medical centers and physicians’ offices.

Medical Equipment is a very small sub-cluster, accounting for 0% to 2% of cluster employment in the five counties.

Employment in Pharmaceuticals is almost negligible across the Central Florida region.

Regional Trends

Life Sciences & Medical Services Sub-Cluster Employment by County

County	Workers	Conc. Ratio	CAGR	Salary
Hillsborough	65,157	0.983	9.40%	$46,092
Hardee	1,047	1.437	16.50%	$28,986
Orange	55,163	0.786	6.50%	$46,143
Polk	<21,100	1.013	11.70%	$40,153
Highlands	4,019	1.564	3.60%	$38,812

 

Life Sciences & Medical Services Sub-Cluster Employment

Sub-Cluster	% of Sub-Cluster	Total Employment	# of Establishments	Average Annual Wage	Avg. Annual % Growth in Employment
					Polk	U.S.
Medical Equipment	0.3%	51	10	$29,438	-33.8%	0.5%
Health & Medical Services	99.7%	21,031	593	$40,177	12.2%	2.0%
Pharmaceuticals	0.1%	<20	3	>$40,000	100.0%	0.2%
Cluster Total		<21,012	606	$40,153	11.7%	1.9%

Existing Assets

Polk County’s existing assets are concentrated in three categories – the strength and nature of operations at local health care facilities; local educational and training institutions; and regional educational and research institutions.