Economic Impact
In a 2007 study conducted by Old Dominion University, EVMS was found to not only be important for the region's physical health, but also among the greatest economic influences on the region. The study found the following:
- EVMS’ imprint on the regional economy has grown to $711 million annually
- EVMS is a major employer in the region. With 1,386 full-time employees, EVMS is among the 25 largest non-federal employers in Hampton Roads.
- EVMS generates high-quality jobs. EVMS full-time employees earn an average of $73,874, compared to the regional average of $45,000.
- EVMS employees generate $2.65 million in real-estate taxes and $5.24 million in sales taxes, for a total of $7.89 million in annual local tax payments.
- EVMS students and residents (physicians in training) spend $23.81 million locally, not including tuition costs.
- EVMS Health Services provides $40.5 million in uncollected medical and surgical care. The cost of this uncompensated care would be passed on to area hospitals or other agencies if EVMS did not exist.
- It would cost local families $66.6 million annually to travel outside the region for medical care currently provided by EVMS Health Services.
- EVMS generates approximately $40 million in external research funding each year, a substantial source of outside revenue.
- One in four physicians in the region has a tie to EVMS.
Read more about this topic: Eastern Virginia Medical School
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