Health care sector yields $47B for Nashville economy
Jamie McGee | Tennessean
The Nashville health care sector’s impact on the local economy contributes $46.7 billion annually, up 20 percent from three years ago.
The findings are based on a report from the Nashville Health Care Council conducted by the Nashville Area Chamber of Commerce.
More than 500 health care companies operate in Nashville, along with nearly 380 professional services firms tied to the health care sector. The health care industry employs 273,000 local people from various sectors, including retail, trade, real estate and finance. The industry generates $92 billion in revenue.
“This report reaffirms that health care is indeed the cornerstone of Nashville’s economy and solidifies our position as our nation’s health care epicenter,” said Hayley Hovious, president of the Nashville Health Care Council. “These remarkable numbers are a testament to Nashville’s entrepreneurial spirit and reveal unprecedented growth amid the dynamic changes in this transformative era in the American health care industry. They also capture just a part of what makes it such an exciting time to be in Nashville right now.”
Nashville’s strong health care presence dates back to the inception of HCA in 1968. Now the city is home to several publicly traded health care companies, including Community Health Systems and Healthways, and it continues to attract health care entrepreneurs forming new businesses.
The Nashville sector’s impact is felt beyond Middle Tennessee, as it employs 570,000 people globally and operates facilities in more than 3,400 sites in the U.S.
Local labor income is nearly $27 billion, which comprises more than 27 percent of all Nashville metropolitan area earnings. State and local tax revenue from health care businesses exceeds $1.6 billion.
“Nashville is continuing to do extremely well for employers and employees,” Mayor David Briley said. “Unemployment remains at historically low levels, and we rank in the top five regions nationally for both wage growth and overall economic growth. At the very bedrock of this incredible prosperity is our health care industry cluster.”
https://www.tennessean.com/story/money/2018/09/20/nashville-health-care-economy/1356984002/
