More than 15,000 local jobs tied to patient care, research and teaching at
the Medical Center
COLUMBUS, Ohio, March 7 /PRNewswire/ -- The Ohio State University Medical Center created 3,742 new jobs over the last six years accounting for nearly 50 percent of the region's net employment gains. At the same time seven of the area's Top 20 employers reduced jobs, says an economic impact report released today by the Columbus Chamber of Commerce.
The Chamber study examined the central Ohio market's employment gains from March 2001 through March 2007. OSU's Medical Center, including OSU's hospitals, the College of Medicine and the research facilities, led area growth followed by retailer Wal-Mart (2,499 additional jobs) and JP Morgan Chase & Co. (2,404 additional jobs). The Columbus Metropolitan Statistical Area (MSA) used in the study includes eight counties: Franklin, Fairfield, Delaware, Licking, Madison, Morrow, Pickaway and Union.
"These results reflect the strength of the health care sector overall in our local economy and OSU Medical Center's growth in both employment and research awards," says study director Bill LaFayette, Ph.D., vice president, economic analysis for the Columbus Chamber. "An additional 4,400 jobs are sustained in the local economy based on the impact of the Medical Center's growth."
LaFayette estimates in his study that the total impact of OSU's hospitals on the Columbus MSA economy could be in the $1.4 billion range annually, while the research activity accounts for about $400 million in economic impact.
The Top 20 area employers include four health care organizations. In addition to OSUMC, the study showed OhioHealth at No. 4 in market in job growth with 2,162 new positions and Children's Hospital 5th with 1,268 new jobs. Mt. Carmel Health, ranked 10th, added 423 positions. The U.S. Bureau of Labor Statistics reports the net change in the Columbus MSA employment over the time period of the study was 7,500.
In total, the health care industry, which includes social services, recorded a net employment growth of 16,500 new jobs between February 2001 and December 2007, which represents a net growth of 20.7 percent in health care, specifically. By comparison, regional employment was only up 1.3 percent over that same period.
"OSU Medical Center's growth is the result of strategic and forward- looking development of clinical, educational and research programs," says Dr. Chip Souba, interim chief executive officer of OSU Medical Center. "Our growth is a direct reflection of the demand for the services and expertise of OSU physicians, staff and scientists who are advancing the world's knowledge of complicated health care issues on many fronts. The Medical Center is being very successful at recruiting innovators and that is exciting. We're going to see the payback for a long, long time."
The Chamber's report also cites OSU Medical Center's strong growth in patient volume and market penetration in counties outside Franklin as a key factor to the organization's economic impact across the region. Those who visit the OSU facilities for treatment or to visit patients spend in excess of $50 million annually, sustaining more than 800 direct and indirect local jobs.
"In today's economy, these job creation figures are good news for our area. In addition to the jobs being created, OSU Medical Center's ability to attract research grants and patients from outside the MSA is a benefit to the entire region," LaFayette says. "Research dollars are so important because they reflect money coming in from outside the region. Our industry models show each $100 in research expenditures creates a total impact of $222.05 on the local economy."
Research awards to OSU Medical Center increased to $184.4 million in fiscal year 2006 from $80.6 million in 2000. Total regional impact of research in fiscal year 2006 was $409.5 million.
"Health care employers are a great contributor to the 'brain gain' for our area - bringing in highly skilled individuals," says LaFayette. "Employment growth at the pace shown by OSU Medical Center contributes significantly to the 'brain gain' and 'brain retain' as younger associates have plenty of opportunities to advance their careers without moving away."
To review a complete copy of the economic impact report, see http://www.medicalcenter.osu.edu/mediaroom/press/article.cfm?ID=3770
To view a copy of the medical school class profile from The Ohio University School of Medicine, see http://medicine.osu.edu/futurestudents/admissions/
|SOURCE OSU Medical Center|
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