Economic Impact Study Results
June 02, 2011
Exempla Saint Joseph Hospital and Denver Mayor Guillermo (Bill) Vidal announce economic impact study results. $700 Million Campus Redevelopment Project Will Create Jobs and Produce Millions in Revenue for the City of Denver and Colorado.
Exempla Saint Joseph Hospital and Denver Mayor Guillermo (Bill) V. Vidal today announced that the redevelopment of Saint Joseph Hospital in central Denver will create 1,400 construction related jobs annually and contribute $340 million in labor compensation from now until it opens in 2014.
The campus redevelopment project, known as the Saint Joseph Heritage Project, is also projected to infuse $13.6 million annually to the City of Denver and $8 million annually to the state of Colorado in use taxes.
The findings were part of an economic study conducted by Denver-based BBC Research & Consulting for Saint Joseph. The hospital will invest a total of more than $700 million in the multi-year project, which includes the cost of purchasing The Children’s Hospital adjacent property in 2007. The campus redevelopment includes a new 348-bed hospital. The 826,000-square-foot building will be located in “mid campus” and is scheduled to open in December 2014.
“We view this project as a vital piece of Denver’s economic forecast,” said Mayor Vidal. “With the constant need to create jobs and the recent trend of hospital systems leaving Denver for the suburbs, the study’s findings are positive indicators that Exempla Saint Joseph Hospital’s new facility will make a significant economic impact on Denver. It will provide growth and stability to the construction industry as well as to the overall job market. The investment Saint Joseph is making in Denver could not come at a better time.”
Saint Joseph has a long history in Denver. The hospital directly employs approximately 3,000 people, with 30 percent residing in the City of Denver and contributes $177 million in annual labor compensation. Saint Joseph produces an estimated $2.8 million in annual sales tax revenue for city and local amenities and $1.7 million for the State of Colorado.
“Since 1873, the Sisters of Charity of Leavenworth have been committed to serving the Denver area by providing quality health care to the patients and communities we serve. While our mission is centered on continuing to ensure access to health care for all those in need, we are proud of our contributions to the local economy made possible by the redevelopment of our campus and construction of a new hospital,” said Bain J. Farris, Exempla Saint Joseph Hospital president and chief executive officer.
Annually, Saint Joseph spends more than $120 million on supplies, services and equipment for hospital operations, producing directly and indirectly an estimated $2.8 million in annual sales tax revenue for the City of Denver, RTD, SCFD and the Football Stadium District, and $1.7 million for the State of Colorado.
The full economic study can be accessed at www.stjosephcommunitypartnership.com, a website established to provide information to neighborhood groups about the Saint Joseph Heritage Project, including ongoing status updates and construction alerts.
Saint Joseph Hospital was founded by the Sisters of Charity of Leavenworth in 1873. In January 1998, Saint Joseph Hospital joined Lutheran Medical Center and Exempla Medical Group to form Exempla Healthcare. Sisters of Charity of Leavenworth Health System is a sponsor of Exempla Healthcare, along with the Community First Foundation.