New Study: Michigan Physicians Boost State’s Economy by $37 Billion, Generate 259,000 Jobs > Michigan State Medical Society

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New Study: Michigan Physicians Boost State’s Economy by $37 Billion, Generate 259,000 Jobs

Local physicians drive massive investment in State’s economy

LANSING - Michigan physicians fulfill a vital role in the state’s economy by supporting 259,537 jobs and generating $37 billion in economic activity, according to a new report released by the Michigan State Medical Society and the American Medical Association (AMA).

"Michigan physicians put patients first every day, and they provide a major boost to the state’s economy while they’re at it," said James Grant, M.D., President-Elect of the Michigan State Medical Society. "High quality physicians like those in Michigan are a key driver in the state’s economic recovery and help attract both families and job providers."

The new report notes that given the changing health care environment, it is paramount to quantify the economic impact physicians have on society. To provide lawmakers, regulators and policymakers with reliable information, the report measured the economic impact of Michigan physicians according to four key economic barometers. The overall findings in the state of Michigan include:

  • Jobs: Each physician supported an average of 11 jobs and contributed to a total of 259,537 jobs statewide.
     
  • Output: Each physician supported an average of $1.57 million in economic output and contributed to a total of $37 billion in economic output statewide.
     
  • Wages and Benefits: Each physician supported an average of $880,900 in total wages and benefits and contributed to a total of $21 billion in wages and benefits statewide.
     
  • Tax Revenues: Each physician supported $60,300 in local and state tax revenues and contributed to a total of $1.4 billion in local and state tax revenues statewide.

"Physicians carry tremendous responsibility as skilled healers charged with safeguarding healthy communities, but their positive impact isn’t confined to the exam room," said AMA President Ardis Dee Hoven, M.D. "The new study illustrates that physicians are strong economic drivers that are woven into their local communities by the economic growth, opportunity and prosperity they generate."

The study found that, in comparison to other industries, patient care physicians contribute more to the state economy than each of the following: higher education, home health care, legal services, nursing and residential care.

To view the full report and an interactive map of the United States, please visit www.ama-assn.org/go/eis.

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