INDIANAPOLIS (Inside INdiana Business) — A new study from BioCrossroads says central Indiana’s health care and life sciences sector generates $84 billion in annual economic impact. The study was conducted by Ohio-based TEConomy Partners to “examine the influence of decades of investment in the region” and how the sector benefits other industries.
The study, titled ESSENTIAL: The economic impact of Central Indiana’s healthcare and life sciences sector, says the sector directly employs more than 133,000 people, as well as 331,000 workers indirectly. It also shows the sector contributes more than $33 billion in gross domestic product for the state.
Among the key findings from the study, regional companies invested $8.6 billion in health care and life sciences research and development spending last year. There are also nearly 3 million square feet of committed construction projects, which the study projects will result in nearly $2.3 billion in capital project spending.
“From investments in facilities, equipment, research, talent and purposeful connections through BioCrossroads, Central Indiana’s healthcare and life sciences sector has a substantial collective impact on the vitality of the region,” said Patty Martin, chief executive officer of BioCrossroads. “These investments help ensure Hoosiers have access to high-quality health care services and support innovation, economic development and educational opportunities for not only the health care and life sciences sector, but also our manufacturing, technology and retail sectors.”
The central Indiana region in the study includes Boone, Brown, Hamilton, Hancock, Hendricks, Johnson, Madison, Marion, Monroe, Montgomery, Morgan, Putnam, Shelby and Tippecanoe counties. The study says the health care and life sciences sector represents more than 21% of total employment for the region.
You can connect to the full study by clicking here.