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The New Jersey Life Sciences Vendors Alliance (NJLSVA) is a coalition of businesses, individuals and academia who provide goods and services to New Jersey’s life sciences companies.

The NJLSVA was founded to educate suppliers on trends in industry procurement and public policy that affects the life sciences industry.

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New Jersey Hospitals Contribute $22.7 Billion to State’s Economy

hospital-1Trenton, NJ, December 28, 2016 — Anjalee Khemlani reports on NJBIZ that New Jersey’s 71 acute care hospitals continue to be a growing economic force in the state, contributing $22.7 billion to the state’s economy — an increase from $21.6 billion the previous year, according to the New Jersey Hospital Association (NJHA)

Health care currently represents roughly 12 percent of the state’s jobs and is estimated to grow another 32 percent by 2024, according to the New Jersey Department of Labor.

NJHA released its 2016 Economic Impact Report Wednesday detailing the economic contributions, as well as the financial summaries of hospitals in the state divided by location and hospital type.

“What is not reflected in these numbers is the ripple effect of hospital and health system expenditures; as the providers spend money to employ talented care givers and other professionals, they create jobs and economic opportunities for other businesses in the economy,” said Sean Hopkins, senior vice president of federal relations and health economics at NJHA.

The number of jobs increased from 141,000 to 141,800 from 2015, and includes 119,000 full-time jobs. This means an increase of $300,000 in employee payroll spending to total $8.7 billion, compared to 2015, and $483 million in state income tax paid by employees compared to $466 million.

Despite the mergers and consolidations in the health care industry, the economic power has not seen a downward shift, said NJHA President Betsy Ryan.

For Khemlani’s full story, click here.

 

To follow Anjalee Khemlanie on Twitter @AnjKhem.