Cincinnati Children's Economic Impact on Greater Cincinnati Reaches $2.72 Billion
Monday, June 30, 2008
Cincinnati Children’s Hospital Medical Center had a $2.72 billion economic impact on the Greater Cincinnati region in fiscal year 2007, according to a report released today that was prepared for Cincinnati Children’s by the University of Cincinnati’s Economics Center for Education & Research.
The 2007 economic impact represents a 78 percent increase since Cincinnati Children’s last economic impact study in 2002. For every $1 that Cincinnati Children’s spends, the medical center generates an additional $1.25 in the region in jobs, tax revenue and other economic benefits. The region included a 15-county Metropolitan Statistical Area as defined by the Bureau of the Census. These counties are in Ohio, Northern Kentucky and Southeastern Indiana.
“As we strive to be the leader in improving child health, it’s important to acknowledge not only our impact on the health of our children but the impact on our economy as well,” said James M. Anderson, president and CEO of Cincinnati Children’s. “As Cincinnati Children’s prepares to celebrate its 125th anniversary, we’re pleased to report that we provide pediatric health care, research and education, as well as a sound economic investment.”
The report was based on employment, revenue and expenditures at Cincinnati Children’s for the fiscal year ending June 30, 2007. The report measured the Cincinnati Children’s economic impact on Greater Cincinnati’s employment, household income and taxes.
Employment: Since 1997, Cincinnati Children’s has added an average of more than 700 employees per year. Cincinnati Children’s exceeded 10,000 for the first time in 2008. Every job at Cincinnati Children’s created another 1.5 jobs in the region. The total impact on employment in Greater Cincinnati is 24,381 jobs, which is a 77 percent increase since fiscal year 2002.
Household income: The health care professionals who work at Cincinnati Children’s live in and do most of their spending in Greater Cincinnati. The economic impact on household earnings due to Cincinnati Children’s totaled $1.16 billion in fiscal year 2007.
Taxes: Cincinnati Children’s generates significant tax revenues for state and local governments, totaling $73.1 million.
For a copy of the complete economic impact study, go to www.cincinnatichildrens.org/cincy-impact, or call the planning department at 513-636-7757.