A national study on the economic impact of physicians shows the profession contributes to the New Jersey economy by creating 281,923 jobs — which translates to about a dozen jobs supported by each of the 22,697 physicians in the state — and generating $55.4 billion in economic activity, which is almost 10 percent of the state’s economy.
This ranks physicians as a greater contributor to the state’s economy than higher education, nursing and community care facilities, legal services and home health, according to the report.
Across the country, physicians add $2.3 trillion to the U.S. economy, support more than 12.6 million jobs nationwide, contribute $1 trillion in total wages and benefits paid to U.S. workers and generate $92.9 billion in state and local tax revenue, according to the report.
The report, released by the Medical Society of New Jersey and the American Medical Association, also states:
- Every dollar applied to physician services in New Jersey supports an additional $2.02 in other business activity.
- Physicians contribute $30.9 billion in total wages and benefits paid to workers across New Jersey. Each physician contributes $1.4 million to workers’ wages and benefits, on average.
- Physicians’ contribution to the New Jersey economy generates $2.7 billion in state and local tax revenue for their communities — translating to $116,922 for each physician.
“This study focuses on the impact and economic benefits generated by New Jersey physicians and the significant role they play in boosting our state’s economy,” said Larry Downs, CEO of MSNJ. “The report looks beyond patient care and clinical aspects of physician practices to accurately gauge physician impact and measure economic activity. This year, the findings show that physicians across New Jersey continue to be drivers of local economies and viable sources of job creation, which has a positive effect on our state as a whole.”
For complete details on the study, click here.
