Baycare Health System acquired Winter Haven Hospital almost 4 years ago. They recently released a study by The Washington Economics Group, Inc. (WEG) outlining the economic impact the group has had on our area. Read more specifics below the infographic.
The Annually Recurring Economic Impacts of BayCare Health System’s Ongoing Operations Contribute Significantly to the Economic Well-Being of Polk County
BayCare’s ongoing operations in Polk County, including three hospitals (Winter Haven Hospital, Winter Haven Women's Hospital and Bartow Regional Medical Center), generate over half a billion dollars in economic impacts, resulting in annually recurring economic benefits.
The direct, indirect and induced economic impacts of BayCare within Polk County are summarized in Table 27 below. Close to 4,000 jobs are supported by BayCare operations along with $541 million in Total Economic Impact. The following analysis presents the economic impact on Employment creation, Household Income, GDP and Total Economic Impact by specific industries, as well as Fiscal Revenues generated indirectly from the multifaceted activities of BayCare in Polk County.
The direct, indirect and induced economic impacts of BayCare within Polk County are summarized in Table 27 below. Close to 4,000 jobs are supported by BayCare operations along with $541 million in Total Economic Impact. The following analysis presents the economic impact on Employment creation, Household Income, GDP and Total Economic Impact by specific industries, as well as Fiscal Revenues generated indirectly from the multifaceted activities of BayCare in Polk County.
Job Creation
An estimated to 3,986 jobs are supported by BayCare’s operations in Polk County, with 2,202 jobs or 55 percent being attributed to direct employment impacts. Of the 3,986 total jobs supported by BayCare within the County, approximately 75 percent of them occur in the Knowledge-Based Services sector. Of the remaining 25 percent, the largest impacts are generated within the Construction and Retail Trade sectors with 5 percent or more in each category. The Visitor Industry, Government & Other, Wholesale Trade & Transportation Services and Manufacturing sectors comprise the remaining impacts. This is presented in Table 28 and Figure 14 below.
Contributing to the Standard of Living in Polk
An estimated $197 million in total Household Income is generated within Polk County as a result of BayCare’s ongoing operations. Of this, $153 million or 78 percent of the Household Income is generated within the Knowledge-Based Services sector. Around $12 million or 6 percent is generated within the Government & Other sector, and 4 percent each is in the Construction and the Wholesale Trade & Transportation Services sectors. The remainder is distributed among various other sectors of the economy such as Manufacturing, Retail Trade and the Visitor Industry sectors as detailed in Table 29 and Figure 15 below.
Gross Domestic Product Impacts: The System’s Operations are Important to the Overall Economic Activity in the County
The GDP impacts generated by BayCare’s ongoing operations are highlighted in Table 30 and Figure 16 below. Of the total GDP impacts of $272 million, $204 million or 75 percent occur in the Knowledge-Based Services sector. The other most important sectors are Government & Other with 6 percent or $15 million, Wholesale Trade & Transportation Services and Construction sectors with 5 percent or $14 million of the impacts respectively. The remainder is distributed within the Manufacturing, Retail Trade and the Visitor Industry sectors. In essence, as the impacts on the State and other Counties demonstrate, BayCare contributes substantially in creating a knowledge-based, higher wage economy supporting the economic development strategy of Polk County and the State.
Total Economic Impact Annually Generated in Polk County by BayCare’s Ongoing Operations is a Significant $541 Million
As has been the pattern in other Counties, the largest portion of the Total Economic Impact of BayCare in Polk County occurs in the Knowledge-Based Services sector with $377 million or 70 percent of the total impacts. The second largest sector is Manufacturing with 9 percent or $50 million, and the next largest is Construction with 6 percent or $35 million. The remainder is distributed among the Government & Other, Wholesale Trade & Transportation Services, Retail Trade and the Visitor Industry sectors as illustrated in Table 31 and Figure 17 below.
BayCare’s Operations in Polk County Indirectly Generate Important Contributions to Public Revenues
Though a not-for-profit system, there are downstream positive impacts on public revenues from BayCare Health System directly, its team members, and its suppliers. BayCare’s economic impacts indirectly generate significant contributions to public-sector revenues, with over $47 million or 76 percent flowing to Federal government revenues and the remaining $15 million or 24 percent allocated to State and local governments. BayCare generates a total of more than $62 million in annually recurring Federal, State and local government revenues as shown in Table 32 below.
