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Economists: Carilion’s economic impact pegged at $3.2 billion a year

Economists said Carilion Clinic contributed more than $3.2 billion to the state’s economy and supported nearly 24,000 jobs in 2018, the year before the health system announced a $1 billion expansion.

Carilion’s impact accounted for nearly 10% of the Roanoke metropolitan statistical area’s $17 billion gross domestic product that year.

Carilion on Wednesday released an economic impact study by the University of Virginia’s Weldon Cooper Center for Public Service that evaluated its direct contribution to the economy through wages and purchases, along with the trickle-down effect of the spending by its employees and the businesses that Carilion supports.

The study noted that most of Carilion’s revenue comes from outside the region through private insurers and the government’s Medicare and Medicaid plans, but that much of the revenue is spent within Carilion’s service area.

Carilion is Virginia’s largest private employer west of Richmond and has a $1 billion annual payroll. It employed 13,317 people during its 2018 fiscal year and contracted with another 4,100 Virginians as vendors. The report said employee spending supported another 6,300 jobs.

To learn more, check out the whole article below.