Contact: Megan Fink
March 17, 2008
CHARLESTON -- Despite uncertainties in the state and national economies, a recent study shows the Medical University of South Carolina (MUSC) is providing economic stability to the tri-county area and state through its teaching, research and service activities.
The economic impact study conducted by Frank Hefner, Ph.D., economic consultant and professor of economics at the College of Charleston, attributes the solid growth to additional jobs, research funding from outside sources and the construction of new facilities; the latter positively affecting both employment and spending in the local economy. "An economic impact analysis is a snap shot, static picture of the economic contribution made by MUSC," stated Hefner. Findings include:
• For fiscal year 2007, 29,567 jobs were credited to the presence of the academic university, hospital, and University Medical Associates (faculty physicians). The combined payroll was almost $1 billion.
• MUSC"s estimated $2.3 billion impact includes both direct spending and the effect those dollars have as they ripple through the economy.
• There is a long-term economic benefit of higher education due to the earning potential of graduates.
• Regions with medical universities attract significant economic development, as well as retirees.
"Dr. Hefner"s analysis confirms that the Medical University has a huge impact on the local and state economy," said MUSC President Raymond S. Greenberg, M.D., Ph.D. "This impact goes well beyond the 11,000 persons who work here, and manifests itself in the housing, retail and other markets. As we open our new hospital, we are adding hundreds of new high-wage jobs here at home, creating more employment opportunities for South Carolinians. We are proud to receive the state"s investment in us each year, and then amplify it 25-fold in terms of total economic impact."
Founded in 1824 in Charleston, The Medical University of South Carolina is the oldest medical school in the South. Today, MUSC continues the tradition of excellence in education, research, and patient care. MUSC educates and trains more than 3,000 students and residents, and has nearly 11,000 employees, including 1,500 faculty members. As the largest non-federal employer in Charleston, the university and its affiliates have collective annual budgets in excess of $1.6 billion. MUSC operates a 750-bed medical center, which includes a nationally recognized Children's Hospital and a leading Institute of Psychiatry. For more information on academic information or clinical services, visit www.musc.edu or www.muschealth.com.