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Two local hospitals have $889 million projected impact on local economics
UTICA, N.Y. (WKTV) - A recent economic impact analysis that projects the ripple effects of industry spending finds that Faxton St. Luke's Healthcare and St. Elizabeth Medical Center contribute a total of $880 million to the local economy.
As two of the largest employers in Oneida County, the analysis finds the hospitals support the hospitals also support 4,600 full-time equivalent positions, which fund more than $15 million in state and local taxes.
Also, construction at both facilities is also having a positive impact on the local economy.
Building projects such as the renovation of FSLH's St. Luke's Home to provide coordinated inpatient rehabilitation, long-term and continuing care services generated local jobs and revenue and resulted in improved health care delivery for the community. On that project alone, $14 million was spent on construction costs and more than $1 million on equipment.
The project, funded through Phase 20 of the Health Care Efficiency and Affordability Law of New York State (HEAL NY) grant and the Federal-State Reform Partnership (F-SHRP), opened in February.
SEMC spent more than $1.5 million to relocate its radiology services to St. Elizabeth Medical Arts on Middle Settlement Road, with an additional $1.2 million to upgrade equipment. SEMC also spent $8 million on the new co-generation project and approximately $3.2 million was spent on upgrading their clinical computer system.
In 2010, the hospitals saw approximately 95,000 patient visits in their Emergency Departments (including FSLH's Urgent Care) and FSLH delivers more than 2,100 babies annually. Combined, nearly 29,000 infants, children, adults and seniors are hospitalized at both facilities annually and there are also thousands of outpatient visits per year for diagnostic testing and treatment.
The economic impact study is based on U.S. Department of Commerce Bureau of Economic Analysis models that project the "multiplier effect" of industry spending on local economies.