New Report Shows Hospitals Serve as Key Economic Engines in Virginia
March 4, 2015
Virginia’s Hospitals Generated $35.8 Billion in Economic Activity in 2013: Employed 115,026 People; Supported an Additional 236,539 Jobs Statewide
RICHMOND, VA – Virginia’s hospitals employed 115,026 people and generated $35.8 billion dollars in economic activity in 2013. Nationally hospitals employed 5.6 million people and created nearly $2.6 trillion in economic activity. The economic contribution of Virginia’s hospitals, highlighted in a new report released March 3 by the American Hospital Association (AHA), is crucial to job creation and economic growth in the Commonwealth.
“This report highlights the value of hospitals and health systems to our local, state and national economies,” says Sean T. Connaughton, President and CEO of the Virginia Hospital & Healthcare Association. “Beyond the essential services our hospitals provide 24 hours a day, seven days a week, 365 days a year, the economic impact in the state is pivotal as we continue to climb out of recession. The impact is even more notable considering the major funding shortfalls our nation’s health care providers are facing today. Our hospitals are committed to their communities and to providing the best care possible for all Virginians when and where it is needed, and at all times. Now, we must come together to find long-term funding solutions to ensure Virginia’s hospitals can continue to provide world-class care for all Virginians while fueling our economic recovery.”
The report shows Virginia hospitals:
- Employed over 115,000 individuals and supported an additional 236,539 jobs elsewhere in the state economy through “ripple effects.”
- Provided stability and growth during times of recession.
- Spent almost $8 billion on wages and benefits.
- Spent over $17 billion on goods and services from other businesses.
About VHHA: The Virginia Hospital & Healthcare Association is an alliance of 107 hospitals and 30 health delivery systems that develops and advocates for sound health care policy in the Commonwealth. Its vision is to achieve excellence in both health care and health.