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Greater Regional Medical Center creates $26,842,112 impact on local economy

Published: Wednesday, Feb. 26, 2014 11:29 a.m. CDT

Greater Regional Medical Center generates 366 jobs that add $26,842,112 to the region’s economy, according to the latest study by the Iowa Hospital Association (IHA). In addition, Greater Regional employees by themselves spend $7,323,293 on retail sales and contribute $439,398 in state sales tax revenue.

The IHA study examined the jobs, income, retail sales and sales tax produced by hospitals and the rest of the state’s health care sector. The study was compiled from hospital-submitted data on the American Hospital Association’s Annual Survey of Hospitals and with software that other industries have used to determine their economic impact.

The study found that Iowa hospitals directly employ 71,437 people and create another 57,792 jobs outside the hospital sector. As an income source, hospitals provide $4.2 billion in salaries and benefits and generate another $1.8 billion through other jobs that depend on hospitals.

In all, Iowa’s health care sector, which includes employed clinicians, long-term care services and assisted living centers, pharmacies and other medical and health services, directly and indirectly provides 307,402 Iowa jobs, or about one-fifth of the state’s total nonfarm employment.

“People are often unaware of the contributions that hospitals make to their local economies, including the number of people they employ, the significance of hospital purchases with local businesses and the impact of their employees’ spending and tax support for an entire region,” said Kirk Norris, IHA president/CEO.  “Just as no one provides the services and community benefits found at community hospitals, there is also no substitute for the jobs and business hospitals provide and create.”

The Iowa Hospital Association is a voluntary membership organization representing hospital and health system interests to business, government and consumer audiences. All of Iowa’s 118 community hospitals are IHA members.

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