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September 21, 2018

Here’s how many billions of dollars health care adds to Nashville’s economy

Here’s how many billions of dollars health care adds to Nashville’s economy

Eric Snyder | Nashville Business Journal

It may not be the industry that attracts tourists to Music City in droves, but the region’s bedrock health care industry continues to grow.

According to a new analysis released by the Nashville Health Care Council, the health care ecosystem in Nashville contributes $46.7 billion annually to the local economy. That’s up 20 percent from three years ago.

Health care also accounts for or supports 273,000 local jobs, according to the study, which was conducted by the Nashville Area Chamber of Commerce’s Research Center. The full study is available here.

“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,” Hayley Hovious, president of the Nashville Health Care Council, said in a news release. “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.”

Here are other findings from the report:

  • The Nashville health care sector includes 514 health care firms and 378 professional service firms wholly or largely connected with the cluster within the Nashville MSA.
  • Total revenue of the “Nashville-based health care cluster” totals more than $92 billion.
  • The role of health care industry operations in the Nashville area supports over $26.9 billion in labor income annually. That represents 27.5 percent of all earnings and income in the Nashville MSA.

https://www.bizjournals.com/nashville/news/2018/09/21/here-s-how-many-billions-of-dollars-health-care.html

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