Cleveland Clinic boosts Florida’s economy by $4.12 billion
Cleveland Clinic contributed $4.12 billion to Florida’s economy in 2019, according to the health system’s most recent economic and fiscal impact report, “A Vital Force in Our Nation’s Economy.”
“Caring for the community is a priority at Cleveland Clinic,” said Tom Mihaljevic, M.D., Cleveland Clinic CEO and President. “As we celebrate our 100th anniversary, we are proud of our impact on the physical and economic health of our neighborhoods and embrace our role as an anchor institution.”
Cleveland Clinic in Florida serves as a job creator. It invests in local businesses through the purchase of goods and services. And it helps cities and neighborhoods thrive through tax revenues that support critical health services and infrastructure.
In 2019, more than 25,300 jobs generating approximately $1.6 billion in wages and earnings were directly and indirectly attributed to Cleveland Clinic in Florida. Households supported by Cleveland Clinic purchased $190 million of goods and services from Florida businesses. Cleveland Clinic in Florida’s economic activity was accountable for $428 million in federal income taxes and $181 million in total state and local taxes paid by employees and vendors.
Patients and visitors who traveled to Cleveland Clinic in Florida contributed $26.3 million in economic activity. That included more than 67,000 visitors who came from out of state or across Florida to receive care, participate in education activities or attend events.
“Cleveland Clinic continues to positively influence Florida’s economy by supporting our caregivers, their families, and our communities,” said Conor Delaney, M.D., Ph.D., Cleveland Clinic Florida CEO and President. “As our footprint in Florida continues to grow, so too will our contributions to a healthy economy in the state.”
Cleveland Clinic’s economic impact in Florida was part of a broader investment nationally. In 2019, Cleveland Clinic directly and indirectly supported $34.5 billion of economic activity in the United States through its ongoing operations and construction activities. Cleveland Clinic directly supported an estimated 72,045 jobs in Ohio, Florida and Nevada.
For every direct Cleveland Clinic job, approximately 1.7 additional jobs across the country can be attributed to the health system. An estimated $13.3 billion of annual labor income, including benefits, was associated with the total jobs. These jobs and associated earnings sustained 124,831 U.S. households, which spent approximately $11.2 billion purchasing goods and services.
Cleveland Clinic’s operating and construction activities resulted in the generation of $1.9 billion of state and local taxes and $3.5 billion of federal taxes in the U.S. in 2019.
Additionally, patients visiting Cleveland Clinic spent an estimated $309 million in Ohio, Florida and Nevada.
Cleveland Clinic produces economic impact reports every three years. This year’s report is based on 2019 data. The previous report, based on 2016 data, showed that Cleveland Clinic in Florida had a total economic output of up to $1.2 billion.
Beyond 2019, Cleveland Clinic has continued to serve as a stabilizing economic influence. The health system took steps during the COVID-19 pandemic to preserve jobs, which helped support caregivers, their families and the communities where they live.
The report is the result of an economic analysis completed by Silverlode Consulting utilizing IMPLAN, a widely used economic impact modeling system.