Midwestern University, the state's largest not-for-profit healthcare university, offering medical, dental, pharmacy, optometry, and nine health sciences degrees, has been both a major economic contributor to its surrounding county and a significant source of new jobs despite the recession, according to a new study released by economic consulting firm Applied Economics.
The study determined that Midwestern's effect on business development, job creation, personal income, tax revenues, and construction expenditures is prevalent throughout Maricopa County, and that it extends far beyond the university's direct contribution of nearly 600 full-time employees and a $43.9 million payroll.
In fact, Midwestern University had an overall impact of $303.8 million for fiscal year 2010/2011. The study cited direct factors such as the University's own operations and those of its three campus-based community healthcare clinics - the Midwestern University Dental Institute, the Midwestern University Eye Institute, and the Midwestern University Multispecialty Clinic - as well as indirect and induced impacts that include employee spending, vendor purchases, and student and visitor spending.
Applied Economics report highlights:
While any major business can provide a substantial boost to the surrounding economy, the impact of a professional and graduate school like Midwestern is twofold. Not only does it support economic development through its jobs, payroll, and reliance on other local businesses and suppliers, but it also produces educated healthcare professionals who establish private practices and serve at health care facilities in order to meet the health demands of the community.
For a copy of the Midwestern University Economic Impact Brochure, go to http://www.midwestern.edu/Community_and_Media.html.