Economic Impact
MUSC's Economic Impact More Than $2.3 Billion in 2007
Despite uncertainties in the state and national economies, a recent study shows the Medical University of South Carolina (MUSC) is providing economic stability to the tri-county area and state through its teaching, research and service activities.
The economic impact study conducted by Frank Hefner, Ph.D., economic consultant and professor of economics at the College of Charleston, attributes the solid growth to additional jobs, research funding from outside sources and the construction of new facilities; the latter positively affecting both employment and spending in the local economy. An economic impact analysis is a snap shot, static picture of the economic contribution made by MUSC in 2007. Findings include:
• For fiscal year 2007, 29,567 jobs were credited to the presence of the academic university, hospital, and University Medical Associates (faculty physicians). The combined payroll was almost $1 billion.
• MUSC's estimated $2.3 billion impact includes both direct spending and the effect those dollars have as they ripple through the economy.
• There is a long-term economic benefit of higher education due to the earning potential of graduates.
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