Strengthening the Economy in the Great Lakes Bay Region
Delivering on our mission to train new doctors for Michigan communities and retain the skilled physicians they so desperately need doesn't just contribute to the physical health of those areas—it also contributes to their economic health.
Physicians have a significant economic impact on the communities where they live and practice. In fact, health care and its associated industries and services have a greater impact on the economy than any other financial sector.
In addition, physicians and medical schools also have a significant impact on our national and state economies through the creation of jobs, the purchase of goods and services, and the generation of state and local tax revenue.
Economic Impact by the Numbers
The total value added by health care to the Great Lakes Bay Region in 2017 was $3.4 billion, with that number expected to nearly double to $6.1 billion by 2037.
According to a 2014 American Medical Association Study, every dollar in clinical revenue generates $1.62 in local business activity. Medical schools generate $512 billion in revenue per year, while doctors contribute more than $2.3 trillion to the national economy.
The annual economic impact of one physician's practice equates to 3.8 full-time jobs, $1.1M in wages, $2.2M in economic output, $90,000 in tax revenue.
Key Impact Facts*
- $39,609,000 Indirect Economic Impact from Clinical Services
- >467 Full-time Jobs
- 680 Indirect Jobs Created
- 69 CMU Faculty Physicians and, 121 CMU Resident Physicians and Fellows
*CMU College of Medicine and CMU Medical Education Partners Combined