It's a short lived plant in general. It mostly grows as a biennial around here, but I've been told that is not the case everywhere. Here, it is pretty much restricted to alkaline wet meadows yet can be very abundant when conditions are suitable.
Back in my prairie/wetland restoration days, I could always count on it to establish where ever there were carbonate deposits at the soil surface. The restorations typically had a weedy look to them for the first several years so it was always reassuring to see the Eustoma blooming by the second year.