WINSTON-SALEM – Novant Health generated more than $9 billion of economic activity in North Carolina last year, according to an economic impact analysis conducted by FTI Consulting’s Center for Healthcare Economics and Policy.
Part of that included nearly $340 million in economic activity in North Carolina by investing in new construction projects such as Novant Health Mint Hill Medical Center.
“Novant Health has significantly invested in the state of North Carolina for more than 20 years by offering quality health care services, products and community outreach programs to state residents and businesses,” CEO Carl Armato said. “We are proud that our mission to improve the health of our communities, one person at a time, includes a focus on the economic vitality in the areas we serve.
Novant Health is a driver of North Carolina employment and economic activity with 12 medical centers, nine outpatient surgery centers, 26 diagnostic imaging centers, eight outpatient rehabilitation centers and more than 530 physician clinics.
“While the pace of change continues in state and federal regulations, Novant Health remains dedicated to investing in North Carolina’s economy,” said Fred Hargett, chief financial officer. “This study illustrates Novant Health’s commitment to investing in communities. We have taken great strides to increase access to care for all patients through convenient locations and our investment in digital products and new technologies.”
In 2018, Novant Health operations in the Charlotte-Concord CSA generated about $4.6 billion in total economic activity: almost $2.4 billion of direct output, $1 billion of indirect output and $1.2 billion of induced output.
In addition, the operations in the market supported 27,235 jobs, provided over $1.9 billion in labor income and is estimated to have led to more than $141 million in state and local tax revenue and almost $409 million in federal tax revenue.
Construction activity generated total economic output of $274 million. These activities contributed another 1,649 jobs, added more than $102 million in labor income and are estimated to have led to more than $8.3 million in state and local tax revenue and more than $20 million in federal tax revenue.
Economic impact was measured using data provided by Novant Health for net operating revenues, salaries, wages and benefits, and capital expenditures for construction at all Novant Health facilities in the state.