For immediate release
Contact: Daneil Mazone, Senior Manager, Media Relations
Eighteen million Americans have jobs that are created by hospitals and higher education institutions. This represents 9 percent of U.S. jobs and $1.1 trillion in income.
Economic development leaders can now access these data and more from 524 regions across the U.S. on the Federal Reserve Bank of Philadelphia’s new Anchor Economy Dashboard. The online tool can help communities make decisions that lead to healthy regional economies and job growth that includes everyone.
While hospitals and higher education institutions are often the largest employers in their regions, the total economic impact of these anchor institutions within communities and across the country was unclear. For the first time, the Anchor Economy Dashboard brings together this information in one place.
“From big cities to rural communities, every local economy depends on anchor institutions,” said Patrick Harker, president and chief executive officer of the Philadelphia Fed. “This dashboard helps us examine how anchor institutions drive economic activity in every region across the U.S.”
About the Data
Anchor institutions employ many people, buy local goods and services, support local businesses, and attract new talent to the area. When anchor institutions thrive, they contribute to a healthy regional economy. When these institutions face challenges, the economic impacts within a region can be significant.
A new report of key findings from the Anchor Economy Dashboard shows anchor institutions
- contribute $1.7 trillion in goods and services annually to the U.S. economy,
- directly employ 10 million people, and
- indirectly create 8 million additional jobs in other industries throughout the economy.
About the Anchor Economy Dashboard
Dashboard users can customize and compare data nationally and in each region.
- Economic impact data measure anchor institutions’ total contribution to the local and national economy.
- A reliance index measures how dependent each region’s economy is on anchor institutions, compared with the national economy.
What’s Next
The Anchor Economy Dashboard and accompanying report marks the launch of the Philadelphia Fed’s Anchor Economy Initiative. Next, researchers will investigate the challenges and opportunities of an anchor-based economy, the impact hospital and higher education institution closures have on local economies, and anchors’ role in driving economic equity.