New Jersey's hospitals and health systems pumped $23.4 billion in to the state's economy in 2016 according to the New Jersey Hospital Association's 2017 Hospitals Economic Impact Report, up from $22.7 billion in 2015, making it one of the top five largest industries in the state.
New Jersey’s hospitals and health systems pumped $23.4 billion in to the state’s economy in 2016 according to the New Jersey Hospital Association’s 2017 Hospitals Economic Impact Report, up from $22.7 billion in 2015, making it one of the top five largest industries in the state.
According to NJHA’s report, hospitals and health systems employed nearly 144,000, including more than 120,000 full-time jobs. The total payroll for all of the employees was roughly $9 billion in 2016, and generated $496 million in estimated state income tax, an increase from $8.7 billion and $483 million in 2015, respectively.
By comparison, the logistics industry, including warehousing and distribution, contributed $58.4 billion into the state’s economy in 2016, according to Choose NJ. Life science companies contributed $47.5 billion, and financial services $31 billion.
The report was based on data from 71 acute care hospitals in the state and compiles their economic contributions statewide and across counties and individual hospitals. New Jersey hospitals and health systems purchased $3.3 billion in goods and services from other companies last year, an increase of $200 million over 2015. Some of its key findings are:
“New Jersey’s hospitals and health systems are some of the largest employers in the state, not only providing quality care to their communities and supporting community health and wellness, but contributing to the financial strength and producing jobs people are proud to do,” said Cathy Bennett, president and CEO of NJHA. “We are gratified our work is a bedrock of the state and local economy.”