Holy Name Medical Center Contributes 330+ Million to N.J. Economy
Holy Name Medical Center contributed over $330 million to the local economy in 2015 through employment, goods and services purchased, and taxes and fees. New Jersey hospitals and health systems contributed $22.7 billion overall to the Garden State economy in 2015, according to the 2016 N.J. Hospitals Economic Impact Report published by the New Jersey Hospital Association, a not-for-profit trade organization that provides services to hospitals and other healthcare organizations.
Highlights for Holy Name Medical Center include:
- 1940 full-time equivalent jobs, with nearly $140 M in total employee payroll
- $7,717,200 in estimated state income tax paid by employees
- $59,834,000 in goods and services purchased
- $2,446,300 in annual taxes and fees
"Since we first opened our doors in 1925, Holy Name has had a significant positive impact on the economy of the communities we serve in Northeastern New Jersey," said Michael Maron, President and CEO, Holy Name Medical Center. "But our impact on the local economy goes beyond direct spending by the people we employ. Holy Name is constantly changing the way we meet our patients' needs, creating new jobs and economic opportunities that have a ripple effect on area businesses and consumers."
Mirroring national trends, New Jersey hospitals and health systems saw employment increase to nearly 142,000 jobs, including more than 119,000 full-time jobs. This resulted in $8.7 billion in employee payroll spending and $483 million in estimated state income tax paid by employees, an increase from $8.4 billion and $466 million in 2014, respectively.
"New Jersey's hospitals and health systems have consistently contributed jobs, fees, community services and purchasing power to their local economies, and 2015 was no exception," said Betsy Ryan, president and CEO of NJHA. "We are proud to continue being a bedrock of the state and local economy."
The full report is being made available as an interactive tool beginning this year, available here http://www.njha.com/econimpact16. County - and hospital-level data is easily accessed through a series of drop down menus.