Business of Health Care: Healthcare & The Overall Economy

May 10, 2019

If you take a moment to delve into the U.S. Bureau of Labor and Statics jobs report for March, you would see that the healthcare industry produced more jobs than any other sector of the economy, adding nearly 50,000 jobs in one month alone.

 


 

 

From March 2018 to March 2019, the healthcare sector created 398,000 jobs nationwide.

These statistics underscore the incredible importance the healthcare sector plays in our nation’s overall economy. Need more proof?

The Bureau of Labor and Statistics projects that healthcare and associated occupations will be at the top of the list when it comes to continuing to create a major proportion of new jobs projected through 2026.

What’s more, many healthcare occupations pay higher average wages than other sectors of the economy, which also make these careers valuable to economy as a whole.

Among the major drivers of the growth of the healthcare industry since 2000 has been our aging population, with one-quarter of our workforce expected to be 55 or older by 2025, double what it was in 1995.

The grayer we get, the more healthcare we typically need.

That speaks to perhaps the most important role healthcare plays in our economy, keeping members of our workforce healthy, and getting workers back on the job after illness or injury - regardless of their industry, job title, or age.

We often talk about the cost of healthcare, and rightfully so.

But keep in mind that healthcare also adds billions of dollars of value to our economy each year by caring for our nation’s most important economic asset… our people.