The Meadville Medical Center commissioned Tripp Umbauch, the nation’s leading provider of economic impact analysis, in 2013 to conduct an economic impact study on the full development of Vernon Place.
The following are the primary findings:
Meadville Medical Center supported employment for more than 1,400 people in Crawford County and approximately 2,207 people in the Commonwealth in 2012. As the Medical Center grows and expands over the next six years, this impact is expected to grow to 1,544 jobs in Crawford County and 2,207 jobs in the Commonwealth. Meadville Medical Center already supports the largest payroll in the County, providing higher than average wages with excellent benefits.
Meadville Medical Center generated more than $248.6 million in total economic impact in Pennsylvania in 2012. This includes direct spending of more than $135.7 million within the state. The ripple effect of in-state spending accounts for more than $112.9 million additional dollars; representing downstream spending by employees, vendors, and contractors. By 2019, Meadville Medical Center is expected to have a total annual economic impact of nearly $300 million.
Meadville Medical Center provided nearly $10.1 million in local and state tax revenue in 2012.
Vernon Place will create more than 992 jobs over the course of the three-phase project. The estimated statewide economic impact of this project is to be between $117.9 million and $130.5 million. This project will generate between $4.7 million and $5.3 million in additional tax dollars for the Commonwealth from the start of the project to the end of the construction phase.