Economic Development & Healthcare in Montana Steve Seninger, Ph. D. Economist Bureau of Business and Economic Research The University of Montana-Missoula.

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Presentation transcript:

Economic Development & Healthcare in Montana Steve Seninger, Ph. D. Economist Bureau of Business and Economic Research The University of Montana-Missoula

INTRODUCTION l PURPOSE: Overview of Healthcare Industry’s Role in Montana Economy l Presenter: Steve Seninger, Ph.D. Health Economist Director of Economic Analysis and Director of Montana Kids Count Bureau of Business and Economic Research University of Montana

Healthcare Spending in US & Montana l National Healthcare Spending>$1.5 trillion and about 15% of national GDP l Montana 2003 Healthcare Spending estimated at $4.3 billion….which is l..16% of estimated 2003 Gross State Product l $4.3 billion  Medicare is 17% & Medicaid/CHIP is 14% ..and 69% private and other

Health Spending Impact on Montana Employment l Health Industry Employment=11% of Private Sector Jobs in Montana l +36,000 Healthcare Jobs makes it the largest employer in private sector…. l Larger than Farm sector jobs, and larger than manufacturing l Healthcare jobs are high paid than other jobs

Healthcare Industry and Montana Wages l Montana’s Healthcare Industry accounts for 15% of Private Labor Income l Average Annual Wage in Healthcare are 25% higher than overall average l And in Hospital sector are +50% higher than overall average wages l Healthcare jobs and wages important in regional markets

Great Falls-North Billings-East & South Central Missoula-West Figure 4: Montana’s Regional Health Care Markets

Economic Development in Montana Regions l Healthcare part of region’s Economic Base l Billings  high wage jobs & market area East/Central Mt., North Wyo., parts of MONDAK border l Missoula  west Mt./ Idaho+ International Heart Institute patients from US & World l Great Falls  north/cent Mt. And McLaughlin Research Institute’s bio-med research

Concluding Comments on Montana’s Healthcare Industry l Healthcare a major employer & source of income l Healthcare big part of economic base in state’s regional trade/service centers l Continued role depends on growth and competitiveness of regional markets l 2 Cautions: Industry partly dependent on federal $ and on level of healthcare costs