Mission Hospital for Advanced Medicine Project Forecast to Inject Millions into Economy
Mission Hospital for Advanced Medicine Project Forecast to Inject Millions into Economy
Asheville, N.C. (September 20, 2017) – Construction of Mission Health System’s new Mission Hospital for Advanced Medicine building is actively expanding the region’s patient care and medical technology footprint while remaking both the skyline and economic future of downtown Asheville. Incorporating state-of-the-art technologies that build on the hospital system’s commitment and reputation for exceptional healthcare, the transformative12-story building includes a total of 220 patient rooms, and features a much needed expansion of the Mission Hospital Emergency Department.
Currently one of the largest new developments in Buncombe County, the construction project will also employ thousands of local workers and inject millions into the economy during the life of the project according to an independent economic impact analysis conducted by Syneva Economics. With an estimated 2300 jobs forecast at the height of the construction project, the analysis forecasts $160 million new income will be injected into the Buncombe County economy by the end of the project. The study also forecasts a $3.8 million boost to local tax revenues generated over the course of construction.
With the Construction industry steadily adding jobs in Buncombe County in recent years, employment growth is favorable following a deep loss of nearly 3000 jobs 2007 – 2013. While still less than pre-recession estimates, the industry has strengthened and currently employs nearly 5300 workers for a 19 percent increase since 2014. Top occupations in the field employ electricians and mechanics, engineers, plumbers, painters, roofers and carpenters. Managerial and office workers are also added to payrolls. In aggregate, average earnings per job including supplements are estimated at $52.7K which exceeds overall county average earnings by approximately 5.6 percent.
“The new building increases the ability for caregivers to respond with the outstanding care the hospital is known for,” said Ronald A. Paulus, MD, President and CEO of Mission Health, adding, “our community is growing and as demographics continue to shift, it is essential for our healthcare system to respond to current needs and plan for the future.” A recipient of the Governor’s Award of Performance Excellence in Healthcare, Mission Health has been recognized as one of the nation’s Top 15 Health Systems by Truven Health Analytics for five out of the past six years.
“We are excited to see the project further shape and expand the downtown corridor with cutting-edge healthcare services as Mission builds upon its vital role as an anchor institution in the region,” said Ben Teague, Chief Operating Officer of the Asheville Area Chamber of Commerce. “The importance of the project cannot be overstated,” Teague added, stating “the hospital system is integral not only to the quality of life in our region, but to its economic future.”
Mission Health is the largest employer in the state west of Charlotte, providing thousands of well-paying jobs and currently employing over 12,000 workers, many of whom are trained by regional educational institutions. The planned redevelopment of the former St. Josephs’ campus East of Biltmore Avenue also presents a rare opportunity to local and regional leadership.
“From an economic and community development viewpoint, the potential for a med-tech innovation district connecting Mission Health to downtown Asheville has the potential to be transformative,” observed EDC Board Chair, Janice Brumit. “The Asheville 5X5 Strategic Plan for Job Creation focuses on growth of additional medical specialties, health care suppliers, and related health technology firms that need to be near the talent and innovation center of Mission Health. The future is very bright.”
Click here for link to Construction Economic Impact Infographic.
The Economic Development Coalition (EDC) for Asheville-Buncombe County is a public-private partnership committed to: creating and retaining high quality jobs, community leadership, and being a resource for better business decisions. The EDC accomplishes this mission through its four core services: business retention and expansion, small business and entrepreneurship, research, and marketing and recruitment. The EDC is funded by Buncombe County, the City of Asheville, the Asheville Area Chamber of Commerce and over 80 private investors through AVL 5×5: Vision 2020. Visit www.ashevillechamber.org/economic-development. Learn more about AVL 5×5: Vision 2020 at www.asheville5x5.com.
The Asheville Area Chamber of Commerce is a member organization with over 1,800 member businesses and organizations. Chamber members collaborate with community organizations and coalitions to support the community and each other with the mission of building community through business. The Chamber is home to a 4,000 square foot Visitor Center that welcomes over 200,000 visitors per year. To get active in the Chamber, visit ashevillechamber.org
###