On Wednesday, CMSRU was very proud to receive an SNJ Business People Impact Award for our contribution to economic growth in southern New Jersey. At this very early stage of our development, we truly appreciate this recognition – even before our Medical Education Building is completed and before our charter class begins their education next August.
But there is more to come for CMSRU and for Camden and the region. Medical schools have been demonstrated to be big economic engines. Given the challenges the country is facing, we are very pleased as a new and growing school to be able to play a part in reversing the current economic situation.
In 2009, the Association of American Medical Colleges (AAMC) published data gathered by Tripp Umbach that measured the impact of AAMC member schools and teaching hospitals. In 2008, the total was more than $512 billion and more than 3.3 million full time jobs. Surprising to me at least is that this number of jobs equates directly or indirectly to one in every 43 wage-earning positions!
So how do these numbers add up? In addition to employment opportunities, medical schools and teaching hospitals and their staffs spend money on goods and services; spending by medical students and patients and their families also contribute significantly. As the AAMC points out, these are “direct” expenditures – these dollars “re-enter” the economy through re-spending by those who received the funds initially thereby generating a “multiplier” effect. Tripp Umbach data indicate that in 2008 this multiplier was 2.3, generating an even greater return!
For CMSRU, one of the ways in which this community benefit is now being realized is through the construction of our $139 million, 200,000 sq. ft. Medical Education Building. We’re very proud that this magnificent structure is being built primarily by New Jersey-based companies at a time when the construction industry is struggling. The purchase of the bricks and mortar, plumbing, lighting and the too numerous to count building components from local companies is having a positive impact as well.
We are delighted that local residents are being put to work; we track the number of workers on site and where they are from. The “metric” of hours worked by city of Camden and Camden County residents is above benchmark – and we hope it becomes the new standard against which other projects are measured. As the number of workers grows to up to 350, we believe this will increase even further.
But beyond the construction of this building, we anticipate many economy-boosting effects from CMSRU, such as the over 100 employees located in this building plus the 400 students who will eventually study, live and spend in the city and region.
In a recent blog, I wrote about the social missions of medical schools and the metrics associated with these missions. Part of that social mission includes supporting our community – not just supporting physical health, but economic health as well. We hope the next economic “annual physical” demonstrates that the patient is on the mend and well on the way to robust health!
Paul Katz, MD
Founding Dean
Cooper Medical School of Rowan University
