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“St. Cloud State and CentraCare Health are two important pillars of the community,” said Rich MacDonald, SOPARI interim director. “The two organizations help define the economic potential of the area in a way that has a major impact on the future economic health of our region.”
The $30,000 six-month grant from CentraCare Health will estimate the overall direct, indirect and induced impact of CentraCare Health as well as the separate impact of its six hospitals in St. Cloud, Melrose, Monticello, Sauk Centre, Paynesville and Long Prairie.
With approximately 10,000 employees, the study will examine how wages earned by CentraCare employees directly impacts the size of the regional economy’s output, income and overall employment. The study will also analyze the extent to which inputs such as medical supplies and equipment purchases CentraCare acquires from regional vendors, creates an indirect impact on economic performance in the region and examine the spending by CentraCare employees on such items as housing, groceries, transportation, recreation and financial services and how it creates an induced impact on the overall regional economy.
“The result of the project is the overall economic impact, effecting the value of regional output, income and employment in a way that is a multiple of the impact the organization has on the wages and benefits of its employees,” MacDonald said.
The project will fund two graduate assistants, specialized software and a customized data program.
“This is just one example of the potential collaborative work in which we can be engaged to help secure a better future for Central Minnesotans,” MacDonald said.
