A South Korean life sciences company, 3billion, is set to establish a genetic testing lab in North Austin, promising the creation of up to 200 jobs. The Austin City Council recently approved a $200,000 economic development agreement to facilitate this initiative. The new lab will occupy a 13,000-square-foot facility located at 13620 Ranch-to-Market Road 620.
3billion plans to invest approximately $8.1 million into the lab, which will be situated near an Applied Materials manufacturing site, east of Lakeline Mall. The agreement stipulates that the city of Austin will provide $1,000 for each job created, with the company estimating an average salary of over $95,000 for the full-time positions over the next decade. The lab is expected to become operational by the second half of 2026.
Economic Impact on Austin
The city projects that the new genetic testing lab will contribute approximately $2.3 million in economic benefits over the next ten years. Stacey Schmitt, chief operating officer of Opportunity Austin, highlighted the significance of this project during the city council meeting. She stated, “This project is meaningful to Austin because it will create 200 jobs, and it will really be able to strengthen our life sciences ecosystem.”
3billion’s expansion into Austin marks a growing trend in the city’s life sciences sector. The company aims to leverage its presence in Austin as the base for its North American operations. Last year, another firm, BillionToOne, announced plans to invest $44.5 million in a new lab nearby, which is projected to employ around 1,000 people upon completion in 2027.
Strengthening the Local Ecosystem
As Austin positions itself as a hub for life sciences and genetic testing, initiatives like 3billion’s lab are crucial for fostering talent and enhancing healthcare quality within the community. The collaboration between local government and international companies signifies a commitment to expanding the industry while addressing local workforce needs.
With these developments, Austin is increasingly becoming a focal point for biotechnology and life sciences, attracting significant investments and establishing a vibrant ecosystem. As these companies continue to set up operations, the anticipated job growth and economic contributions will play a vital role in shaping the city’s economic landscape in the coming years.