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Springfield, Missouri |
August 22, 2006 |
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HEALTH CARE &
HIGHER EDUCATION KEY CONTRIBUTORS
TO THE SPRINGFIELD ECONOMY |
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The Springfield Area Chamber of Commerce and the City of Springfield
today released the results of an economic impact analysis of the
health care and higher education sectors on the Springfield area.
Development Strategies, Inc., a St. Louis based consulting firm
conducted the research. The analysis is the result of a review of
standard economic statistics obtained through state and federal
sources, and a survey of health care and higher education
institutions in the Springfield metro area.
The research reveals that health care
creates an annual impact of $4.5 billion and 51,300 direct and
indirect jobs. Also, higher education creates an annual
economic impact of $900 million and 13,500 direct and indirect jobs. |
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Annual Impact |
Total Jobs |
| Health Care |
$4.5 billion |
51,300 |
| Higher
Education |
$900 million |
13,500 |
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Collectively, the sectors spend more
than $2.15 billion per year. Not all of that money is spent in the
Springfield area, but based on the survey; approximately 57 percent
of all operating expenditures and 82 percent of payroll expenditures
of these institutions is paid directly into the regional economy.
These expenditures become income or revenue for the institutions’
employees and area businesses, which then spend that money to
support their households and businesses. That re-spending creates a
ripple effect throughout the area’s economy.
Essentially, the $2.15 billion in
spending by health care and higher education institutions in the
Springfield area triggers an estimated:
• $3.3 billion in additional economic activity in the metro area
• $1.1 billion in additional household income for the Springfield
workforce
• 38,500 jobs throughout the region, both full and part-time, in
addition to the approximately 26,200 employed by the survey
respondents.
Together, these 64,700 jobs in metropolitan Springfield account for
nearly one-quarter of the region’s economy. |
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To read the full
report visit
www.business4springfield.com/publications |
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If you can not read
all of this email please visit this web address
www.business4springfield.com/news |
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