New study shows $1.45 billion impact across the region
As the largest private employer in Vermont – with more than 7,000 full- and part-time staff – it’s not surprising that the University of Vermont Medical Center plays a major role in the state’s economy and has a sizeable presence in Northern New York.
But until a study was released in fall 2016 by a national economic research firm, it was hard to know the actual size of the impact. The study analyzed Fiscal Year 2014 (October 2013-September 2014) and found that the UVM Medical Center:
- Generated $1.45 billion in economic impact in Vermont and New York through direct spending and the indirect economic activity it spurred
- Created and supported more than 12,000 jobs in both states combined
- Generated $95.1 million in state and local taxes across the region
The analysis also determined that the UVM Medical Center provided more than $160 million in community benefits in FY 2014, including the value of free and discounted health care, employee volunteer work, grants to support community health projects, and other factors.