ROANOKE, Va. – It should come to no surprise to anyone living in Southwest Virginia that the economic impact of Carilion Clinic is massive.
Now, we’re aware of just how much.
In 2018, Carilion Clinic generated more than $3.2 billion and nearly 24,000 jobs for Virginia’s economy, according to an economic impact study released on Wednesday by Carilion and The University of Virginia’s Weldon Cooper Center for Public Service’s Center for Economic and Policy Studies.
The study, the first commissioned by Carilion, analyzed data from Oct. 1, 2017, through Sept. 30, 2018, Carilion’s fiscal year, including spending and employment growth of the Carilion Clinic system independent of its partnerships with Virginia Tech and Radford University.
Findings point to continued growth of Carilion’s employee base, payroll, and investments in local business.
“We all invested in a future that we couldn’t even see and I think what we’ve created is bigger than any of us thought,” said Nancy Howell Agee, president and CEO of Carilion.
There is also a ripple effect as a growing number of employees and their families purchase goods and services. Taking these factors into consideration, the study finds that for every ten Carilion jobs, another eight jobs are created in Virginia.
“These jobs at Carilion support the development of our retail landscape, they support a supplier network. It really has a web effect in how it stimulates economic growth on all levels," said Beth Doughty, executive director of the Roanoke Regional Partnership.
In that year, Carilion employed 13,317. The health system contracted with an additional 4,106 Virginians as vendors. Employee household spending supported another 6,296 jobs throughout the Commonwealth, according to the report.
The ripple effect of spending from Carilion and its employee households included:
- Nearly $2.7 million in the local service industry, which includes spending on health care, education, entertainment and real estate.
- More than $155 million in trade revenue, which includes retail and wholesale business.
- More than $126 million in the transportation, information and public utilities industries.
“Carilion plays a vital role in the health and well-being of the communities we serve as well as the state’s economic health,” Agee said. “This study provides a snapshot of our operations, and it’s encouraging to see the ripple effect that extends far beyond our walls.”