Economic Impact of Long Term Care Facilities

Transcription

1 Idaho Long Term Care (LTC) facilities* support an estimated $1,100.0 million or 2.2% of the state s economic activity LTC facilities support $1,100.0 million in LTC facilities direct economic impact on Idaho represents 1.0% of economic activity 0.9% of labor income 1.3% of employment LTC facilities total economic impact on Idaho supports % of economic activity LTC facilities support $510.1 million in labor income 1.5% of labor income 2.0% of employment LTC facilities generate $156.5 million in tax $51.7 million in state/local taxes $104.8 million in federal taxes LTC facilities contribute to approximately 18,400 jobs Demographics of Idaho Population (2006) 1.5 million % Population 65+ years (2006) 11.5% % Population 85+ years (2006) 1.6% State economic activity (2006) $50.3 billion *Long Term Care (LTC) facilities include nursing homes, assisted living, and other residential care facilities. These facilities do not include government-owned or hospital-based facilities.

2 Idaho Summary: Economic Impact of LTC Facilties Estimated Impact Direct Indirect Induced Total % of Total State Activity Output (in millions of dollars) $501.7 $141.9 $456.4 $1, % Labor Income (in millions of dollars) $293.6 $42.6 $173.8 $ % Employment (jobs) 11,650 1,680 5,080 18, % Estimated Impact State/Local Federal Total Tax (in millions of dollars) $51.7 $104.8 $ LTC facilities support other industries and sectors statewide Industry/Sector Estimated Impact Employment (jobs) Economic Activity (in millions) Health and Social Services 12,380 $554.2 Government and Non NAICS 1,050 $106.0 Real Estate and Rental 500 $55.9 Manufacturing 160 $52.7 Retail Trade 780 $50.4 Construction 360 $40.7 Accommodation and Food Services 860 $40.1 Finance and Insurance 210 $33.8 Professional - Scientific and Tech Services 260 $28.4 All other industries 1,840 $137.8 Total 18,400 $1,100.0 Economic Impact Definitions Direct Effect represents the impact (e.g., change in employment or revenues) for the expenditures and/or production values specified as direct final demand changes. Indirect Effect represents the impact (e.g., change in employment or revenues) caused by the iteration of industries purchasing from industries resulting from direct final demand changes. Induced Effect represents the impacts on all local industries caused by the expenditures of new household income generated by the direct and indirect effects of direct final demand changes. Total Impact is the sum of the direct, indirect and induced effects. Labor Income is the sum of employee compensation and proprietary income. NAICS: North American Industry Classification System Note: Numbers may not add due to rounding. Sources: Economic impact analysis: The Lewin Group analysis using Impact Analysis for Planning (IMPLAN) software, Minnesota IMPLAN Group, Inc, 2006 data Population data: U.S. Census Bureau,

3 Idaho - Congressional District 1 Long Term Care (LTC) facilities* support an estimated $689.3 million or 2.5% of the district s economic activity LTC facilities support $689.3 million in LTC facilities direct economic impact on Idaho - Congressional District 1 represents 1.2% of economic activity 1.0% of labor income 1.4% of employment LTC facilities total economic impact on Idaho - Congressional District 1 supports... LTC facilities support $323.7 million in labor income 2.5% of economic activity 1.8% of labor income 2.3% of employment LTC facilities generate $99.4 million in tax $32.2 million in state/local taxes $67.2 million in federal taxes LTC facilities contribute to approximately 11,100 jobs Demographics of Idaho - Congressional District 1 Population (2006) 734,000 % Population 65+ years (2006) 11.9% % Population 85+ years (2006) 1.6% District economic activity (2006) $27.2 billion *Long Term Care (LTC) facilities include nursing homes, assisted living, and other residential care facilities. These facilities do not include government-owned or hospital-based facilities.

4 Idaho - Congressional District 1 Summary: Economic Impact of LTC Facilties Estimated Impact Direct Indirect Induced Total % of Total District Activity Output (in millions of dollars) $314.5 $85.7 $289.1 $ % Labor Income (in millions of dollars) $187.4 $25.8 $110.5 $ % Employment (jobs) 7, ,110 11, % Estimated Impact State/Local Federal Total Tax (in millions of dollars) $32.2 $67.2 $ LTC facilities support other industries and sectors districtwide Industry/Sector Estimated Impact Employment (jobs) Economic Activity (in millions) Health and Social Services 7,480 $347.2 Government and Non NAICS 660 $69.7 Real Estate and Rental 300 $34.2 Manufacturing 100 $32.5 Retail Trade 480 $32.2 Accommodation and Food Services 520 $24.6 Finance and Insurance 150 $24.4 Construction 210 $23.7 Professional - Scientific and Tech Services 160 $16.9 All other industries 1,050 $84.0 Total 11,100 $689.3 Economic Impact Definitions Direct Effect represents the impact (e.g., change in employment or revenues) for the expenditures and/or production values specified as direct final demand changes. Indirect Effect represents the impact (e.g., change in employment or revenues) caused by the iteration of industries purchasing from industries resulting from direct final demand changes. Induced Effect represents the impacts on all local industries caused by the expenditures of new household income generated by the direct and indirect effects of direct final demand changes. Total Impact is the sum of the direct, indirect and induced effects. Labor Income is the sum of employee compensation and proprietary income. NAICS: North American Industry Classification System Note: Numbers may not add due to rounding. Sources: Economic impact analysis: The Lewin Group analysis using Impact Analysis for Planning (IMPLAN) software, Minnesota IMPLAN Group, Inc, 2006 data Population data: U.S. Census Bureau,

5 Idaho - Congressional District 2 Long Term Care (LTC) facilities* support an estimated $592.6 million or 2.1% of the district s economic activity LTC facilities support $592.6 million in LTC facilities direct economic impact on Idaho - Congressional District 2 represents 1.0% of economic activity 0.9% of labor income 1.3% of employment LTC facilities total economic impact on Idaho - Congressional District 2 supports... LTC facilities support $278.5 million in labor income 2.1% of economic activity 1.5% of labor income 2.0% of employment LTC facilities generate $87.0 million in tax $28.0 million in state/local taxes $59.0 million in federal taxes LTC facilities contribute to approximately 10,180 jobs Demographics of Idaho - Congressional District 2 Population (2006) 732,000 % Population 65+ years (2006) 11.2% % Population 85+ years (2006) 1.6% District economic activity (2006) $28.9 billion *Long Term Care (LTC) facilities include nursing homes, assisted living, and other residential care facilities. These facilities do not include government-owned or hospital-based facilities.

6 Idaho - Congressional District 2 Summary: Economic Impact of LTC Facilties Estimated Impact Direct Indirect Induced Total % of Total District Activity Output (in millions of dollars) $283.3 $76.2 $233.1 $ % Labor Income (in millions of dollars) $164.3 $22.8 $91.4 $ % Employment (jobs) 6, ,610 10, % Estimated Impact State/Local Federal Total Tax (in millions of dollars) $28.0 $59.0 $ LTC facilities support other industries and sectors districtwide Industry/Sector Estimated Impact Employment (jobs) Economic Activity (in millions) Health and Social Services 7,040 $309.5 Government and Non NAICS 570 $60.0 Real Estate and Rental 270 $30.5 Retail Trade 440 $26.4 Construction 200 $23.1 Accommodation and Food Services 480 $22.5 Manufacturing 70 $20.9 Finance and Insurance 100 $15.3 Professional - Scientific and Tech Services 140 $15.1 All other industries 870 $69.3 Total 10,180 $592.6 Economic Impact Definitions Direct Effect represents the impact (e.g., change in employment or revenues) for the expenditures and/or production values specified as direct final demand changes. Indirect Effect represents the impact (e.g., change in employment or revenues) caused by the iteration of industries purchasing from industries resulting from direct final demand changes. Induced Effect represents the impacts on all local industries caused by the expenditures of new household income generated by the direct and indirect effects of direct final demand changes. Total Impact is the sum of the direct, indirect and induced effects. Labor Income is the sum of employee compensation and proprietary income. NAICS: North American Industry Classification System Note: Numbers may not add due to rounding. Sources: Economic impact analysis: The Lewin Group analysis using Impact Analysis for Planning (IMPLAN) software, Minnesota IMPLAN Group, Inc, 2006 data Population data: U.S. Census Bureau,

7 United States Long Term Care (LTC) facilities* support an estimated $847.9 billion or 6.4% of the U.S. s economic activity LTC facilities support $847.9 billion in LTC facilities direct economic impact on U.S. represents 1.1% of economic activity 1.1% of labor income 1.7% of employment LTC facilities total economic impact on U.S. supports % of economic activity LTC facilities support $333.4 billion in labor income 3.9% of labor income 4.7% of employment LTC facilities generate $120.3 billion in tax $42.3 billion in state/local taxes $78.1 billion in federal taxes LTC facilities contribute to approximately 8,157,300 jobs Demographics of U.S. Population (2006) million % Population 65+ years (2006) 12.4% % Population 85+ years (2006) 1.8% U.S. economic activity (2006) $13,194.7 billion *Long Term Care (LTC) facilities include nursing homes, assisted living, and other residential care facilities. These facilities do not include government-owned or hospital-based facilities.

8 United States Summary: Economic Impact of LTC Facilties Estimated Impact Direct Indirect Induced Total % of Total State Activity Output (in billions of dollars) $144.3 $86.0 $617.5 $ % Labor Income (in billions of dollars) $90.0 $26.6 $216.8 $ % Employment (jobs) 2,924, ,100 4,582,500 8,157, % Estimated Impact State/Local Federal Total Tax (in billions of dollars) $42.3 $78.1 $ LTC facilities support other industries and sectors nationwide Industry/Sector Estimated Impact Employment (jobs) Economic Activity (in millions) Health and Social Services 3,429,700 $ 187,184.7 Manufacturing 357,900 $ 153,641.3 Government and Non NAICs 628,600 $ 78,329.2 Finance and Insurance 246,800 $ 52,441.9 Professional - Scientific and Tech Services 351,000 $ 47,305.5 Real Estate and Rental 255,900 $ 47,227.7 Retail Trade 543,300 $ 37,915.7 Information 106,000 $ 35,568.2 Construction 276,000 $ 34,459.3 All other industries 1,962,100 $ 173,777.3 Total 8,157,300 $847,850.8 Economic Impact Definitions Direct Effect represents the impact (e.g., change in employment or revenues) for the expenditures and/or production values specified as direct final demand changes. Indirect Effect represents the impact (e.g., change in employment) caused by the iteration of industries purchasing from industries resulting from direct final demand changes. Induced Effect represents the impacts on all local industries caused by the expenditures of new household income generated by the direct and indirect effects of direct final demand changes. Total impact is the sum of the direct, indirect and induced effects. Labor income is the sum of employee compensation and proprietary income. Note: Numbers may not add due to rounding. Sources: Economic impact analysis: The Lewin Group analysis using Impact Analysis for Planning (IMPLAN) software, Minnesota IMPLAN Group, Inc, 2006 data Population data: U.S. Census Bureau,