Vanderbilt reports record $11.9 billion economic impact in Tennessee – Vanderbilt University News

Latest economic impact report highlightsongoing legacyaseconomic driver,statewidecommunitypartner ineducation, employment and healthcare.

The university today released the results of anindependent analysis ofthe economic impact ofVanderbilt University and Vanderbilt University Medical Center,outliningthe many ways thetwoinstitutions contribute to, andbenefit,Tennessees economy.

Our impact, through our educational mission and the activity that supports it, reaches far beyond our campus in terms of research, discovery, an educated workforce and jobs for Tennesseans.~ Susan R. Wente

We are invested in Tennessees progress as a partner in facilitating innovation, jobs and growth, Interim Chancellor and Provost Susan R. Wente said. Vanderbilts success is intertwined with that of our state and region, and I am deeply proud of the many ways that Vanderbilt contributes to Tennessees economic strength. Our impact, through our educational mission and the activity that supports it, reaches far beyond our campus in terms of research, discovery, an educated workforce and jobs for Tennesseans.

Vanderbilt-related operations, along with student and visitor spending, generatedanannualimpact of $11.9 billionin economic activity, approximately 79,200 jobs and more than $4.2 billion in labor income, according to the biennial report that looks at figures from fiscal year 2018.By comparison, the 2017 report, which was based on fiscal year 2016, listed the institutions annual economic impact as $9.5 billion, jobs at 63,500 and labor income at $3.8 billion.

Vanderbilts annual contributionsstem frominstitutional spending on payroll, construction and general procurement with Tennessee companies, local spending by students and campus visitors, and economic development through labor force and research commercialization.

Though VUMC became a full independent nonprofit entity in spring 2016, the medical center has preserved its connections to the university in researchandteaching.Together, Vanderbilt institutions are the largest private employer in the Nashville region and the second largest private employer based in the stateemployinga total of approximately 33,200 faculty, staff and medical professionals.

Although they are tax-exempt as nonprofit institutions, the university and the medical centers economic activity also contributed $279.2 million in annual tax revenue for the state.

The university, which serves a student population of just under 12,600, contributes more than 3,855 undergraduate, graduate and professional degrees to the economy eachyear.

On the medical side, there were approximately2.4 millionpatientvisits last year, along with $591 million in research awards and $711million in charity care, community benefits and other unrecovered costs.In the 2017 report,uncompensated medical care provided by VUMC totaled $513 million.

There is a vital relationship between better health and a healthy economy. As we make new discoveries that offer the promise of new treatments and cures, and through ongoing investments in the strength of our health system, we are proud to play an important role in Tennessees economic prosperity.~ Jeff Balser

With1,091licensed hospital beds, VUMC hosted nearly67,000 surgical procedures and 2.4million visits last year, while at the same time training more than 1,050 residents.

There is a vital relationship between better health and a healthy economy.As we make new discoveries that offer the promise of new treatments and cures,and throughongoinginvestments in the strength of our health system,we are proud to play an important role in Tennessees economic prosperity, said Jeff Balser, MD, PhD, president and CEO of Vanderbilt University Medical Center and dean of Vanderbilt University School of Medicine.Our training programsremaina dominant resource forTennesseesspecialty trained physicians, such as general surgeons, pediatricians and obstetricians,whileweare always pursuing other initiatives that improve care and address costs that help contribute in other ways to our states prosperity.

The2019 report andanalysis, by Austin, Texas-based TXP Inc., quantified the total annual economic and tax revenue generated by the university and medical center, including factors such as operations and construction, employment, student and visitor spending, and business spending generated by Vanderbilt-related activities. It also estimated the ripple effect in jobs and labor income of Vanderbilts operations and spending throughout Tennessees economy.

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Vanderbilt reports record $11.9 billion economic impact in Tennessee - Vanderbilt University News