Jan. 8, 2018
New Study shows physicians support more than 670,000 Texas jobs, generate nearly $118 billion in economic activity
[Austin] — Physicians add opportunity, growth, and prosperity to
the Texas economy by creating 670,172 jobs and generating
$117.9 billion in state economic activity, according to a new report, The Economic
Impact of Physicians in Texas, released today by the Texas Medical Association
(TMA) and the American Medical Association (AMA).
knows, whether in small towns or large cities, Texas doctors care for our
communities’ health, but this study shows those same physicians are vital to
the economic health of those cities, towns, and Texas as a whole,” said Carlos
J. Cardenas, MD, TMA president. “Texas physicians truly improve the health of
Texans, but clearly also improve the health of Texas’ growing economy. It is
study quantifies the
boost that Texas’ 51,333 active patient care physicians provide to the state’s
economy, producing a ripple effect that is felt statewide. The study measures
physicians’ impact using four key economic indicators:
- Jobs: Physicians support 670,172 total jobs in Texas —13.1 jobs for each physician on average.
- Economic activity: Physicians generate $117.9 billion in
economic output, comprising 7.3 percent of the Texas economy. Each physician
generates $2.3 million for the local and state economy on average.
- Wages and benefits: Physicians contribute $55.4 billion in total wages and benefits paid to
workers across Texas, empowering a high-quality, sustainable workforce. Each
physician contributes $1.1 million to workers’ wages and benefits on average.
- State and local tax revenue: Physicians’ contribution to the Texas
economy generates $3.5 billion in
state and local tax revenue for their communities — translating to $68,599 in
tax revenue paid for each physician on average — helping to pay for our
schools, roads, criminal justice system, and health care services for all
impact of physicians extends beyond safeguarding the health and welfare of
their patients,” said AMA President
David O. Barbe, MD. “The Economic Impact Study illustrates that
physicians are woven into their local communities and have a vital role in
fueling state economies by creating jobs, purchasing goods and services, and
supporting public services through the tax revenue they generate.”
The report found that every dollar applied to physician
services in Texas generates an additional $2.13 in other business activity. An
additional 7.66 jobs, above and beyond the clinical and administrative
personnel that work inside physician practices, are supported for each $1 million
of revenue generated by a physician’s practice. In addition, Texas physicians
generate more economic output, produce more jobs,
and pay more in wages and benefits
than higher education, nursing and community care facilities, legal services,
and home health.
country, physicians add $2.3 trillion to the U.S.
economy, support more
than 12.6 million jobs, contribute $1 trillion in total wages and benefits paid
to U.S. workers, and generate $92.9 billion in state and local tax revenue.
TMA is the largest state
medical society in the nation, representing more than 50,000 physician and
medical student members. It is located in Austin and has 112 component county
medical societies around the state. TMA’s key objective since 1853 is to improve
the health of all Texans.
The American Medical Association is the premier
national organization providing timely, essential resources to empower
physicians, residents and medical students to succeed at every phase of their
medical lives. Physicians have entrusted the AMA to advance the art and science
of medicine and the betterment of public health on behalf of patients for more
than 170 years. For more information, visit ama-assn.org.
TMA Contacts: Brent Annear (512) 370-1381; cell: (512) 656-7320; email: email@example.com
Marcus Cooper (512)
370-1382; cell: (512) 650-5336; email: firstname.lastname@example.org
AMA Contact: Robert J. Mills (312) 464-5970; email@example.com
Connect with TMA on Twitter, Facebook, and Instagram.
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