A federal grant is going toward identifying life sciences assets and opportunities for growth in the Birmingham region.
In partnership with the Jefferson County and Shelby County Commissions, the Birmingham Business Alliance Foundation was awarded the $450,000 grant through The U.S. Department of Commerce’s Economic Development Administration Disaster Recovery Program to conduct a project to identify key life science assets as well as opportunities for growth and investment; identify opportunities for existing life science businesses to grow capacity; and identify opportunities for economic developers and communities to attract life science businesses within the Birmingham metro.
The Birmingham Business Alliance Foundation sought proposals for a consultant to conduct a life science market intelligence study, perception study and implementation plan for the greater Birmingham region to accomplish the project goals. The request for proposal was open for submission until Nov. 4.
The grant comes during a slowdown of financing, mergers and acquisitions in the life sciences sector in contrast to activity that took place at a torrid pace in the sector at the end of 2020 and through 2021. The BBJ reports there are interesting signs emerging that investors, real estate companies and individuals in the service sector should be aware in the coming year.
The news also comes as local life sciences leaders caution that burgeoning life sciences companies may look to expand outside of Birmingham if the space available to them in the city remains limited.
