WINSTON-SALEM, N.C. -- An in-depth economic analysis released Monday by the Wake Forest Baptist Medical Center indicates the facility as a whole has an estimated $3.8 billion economic impact in the local economy.
The analysis, which was performed by Battelle Memorial Institute, details both the social and economic contributions by Wake Forest Baptist throughout the 2011 fiscal year. The $3.8 billion impact is estimated through both direct and indirect benefits to Forsyth County, the Piedmont Triad and the state of North Carolina.
Wake Forest Baptist generates nearly $1.76 in county revenue for every $1 it spends in Forsyth County, the report states. In addition to state and local tax revenue, which was more than $161.6 million, the report states Wake Forest Baptist generated a little less than $335.3 million in federal tax revenue.
According to the report, Wake Forest Baptist is responsible for the direct and indirect development of 30,608 jobs across the state. The jobs amount to $1.8 billion in wages and benefits in 2011.
Wake Forest Baptist also provided $61.8 million in charity care to those who were under-insured and uninsured in the fiscal year, the report states.
The report lists tax dollars, jobs, state-of-the-art health care, new medical research, and the commercialization of intellectual property as beneficial contributions.
“The report not only quantifies these benefits and impacts, but it also examines the depths of these contributions throughout the community and the state,” said John D. McConnell, M.D., chief executive officer with Wake Forest Baptist. “And it reveals that Wake Forest Baptist has made the right choices for continued leadership in science and technology innovation, a key industry cluster of the state’s economy.”
Battelle Memorial Institute is the world’s largest nonprofit, independent research organization.