Stoking the Local Economic Engine: What’s Munson done for us lately?
So you know Munson Healthcare is the northern Michigan's biggest employer and its biggest healthcare provider. There's no question that this healthcare system's engine is warming the economy on this end of the state. But let's shrink the spotlight a bit. Can we put a price on the economic impact Munson Medical Center and Munson Healthcare have on Traverse City, and its home county, Grand Traverse? Indeed, we can:
At Munson Medical Center in fiscal year 2009 (ending June 30), there were 3,783 full-time equivalent employees who earned a total of $185.5 million in salaries and wages.
Munson Medical Center's net revenue in fiscal year 2009 was
Using the economic multiplier for health care expenditures in Michigan – 2.2095, according to the U.S. Bureau of Economic Analysis, RIMS-II – the economic activity generated in the community by Munson Medical Center in fiscal year 2009 totaled approximately $905,460,100.
According to the Michigan Hospital Association's 2008 Economic Impact Study the number of employees in direct health care jobs in Grand Traverse County was 8,995, with wages and salaries totaling $446,758,980.
According to the above study, the number of employees in indirect and induced jobs in Grand Traverse County numbered 3,827. Their wages and salaries total $117,632,608.
The 2009 Economic Forecast for the 5-County Region (prepared by the Northwest Michigan Council of Governments in November 2008) showed the median earnings per worker for health care and social assistance jobs to be above the median for many other categories.