Healthcare continues to be big business for state’s economy
The healthcare companies headquartered in Middle Tennessee account for 10 percent of the tax income collected in the State of Tennessee.
As the latest economic impact survey from the Nashville Health Care Council reports, healthcare is big business in Nashville and the Middle Tennessee region. Just how big is evident in the numbers.
The healthcare companies headquartered in Middle Tennessee represent a $68 billion local economic impact in 2022 to the economy of Middle Tennessee. That’s a $1 billion increase since 2019. The healthcare jobs support more than 23 percent of the region’s personal income, account for 10 percent of the tax income collected in the State of Tennessee, and account for one in every 12 occupations in Nashville.
The report, prepared by the Business and Economic Research Center at Middle Tennessee State University, notes that “more than 46 major healthcare companies (public and private) have chosen Nashville as their home. In addition, seven of the nation’s 15 leading for-profit acute care hospitals and nursing management companies are in Nashville (ranking based on market capitalization), controlling approximately 34 percent of the investor-owned hospitals in the United States. The scope of the healthcare industry in Nashville ranges from essential service providers, such as physicians, to major hospital management companies, sizeable renal dialysis companies, health information technology services, and advanced life sciences research.”
By 2030, the authors of the report note that healthcare and social assistance sector will add an estimated 80,570 new jobs in Tennessee at a 1.81 percent annual growth rate. That equates to one in every five jobs projected to be in health care by 2030.