Medical schools, teaching hospitals help fuel U.S. economy
NEWS IN BRIEF — Posted Feb. 23, 2004
Allopathic medical schools and teaching hospitals had a combined economic impact of more than $326 billion in 2002, says a report by the Assn. of American Medical Colleges.
One key finding of "The Economic Impact of Medical College and Teaching Hospital Members of the Assn. of American Medical Colleges" report was that AAMC medical schools and teaching hospitals are major employers. These academic medical centers employed one out of every 54 wage-earners in the U.S. labor force, accounting for 2.7 million jobs directly or indirectly in 2002.
AAMC medical schools and teaching hospitals also generate significant revenue in state income taxes, despite their generally nonprofit status. In 2002, AAMC medical schools and teaching hospitals produced $14.7 billion in state government revenues.
The AAMC represents 126 allopathic medical schools and some 400 major teaching hospitals.
Note: This item originally appeared at http://www.ama-assn.org/amednews/2004/02/23/prbf0223.htm.