50 Million Dollar Investment Will Have Major Economic Impact on Hernando County
June 09, 2011
Spring Hill, FL – The Tampa Bay Regional Planning Council (TBRPC) has released a report on the projected impact of the $50 million expansion project to the Oak Hill Hospital campus. The Council’s report, which was requested by the Hernando County Office of Business Development, concludes that upon completion the expansion will create an additional 71 employees.
The 71 direct jobs at the hospital are estimated to generate an additional 50 induced and indirect jobs for a total of 121 jobs within Hernando County. The combined jobs created generate an average of $5.4 million in personal income annually at full capacity.
At full employment, these jobs also contribute nearly $6.8 million to the Gross County Product in each year. The Gross County Product is a concept analogous to the national concept of Gross Domestic Product.
This is exclusive of the actual construction impact. The $35.4 million in construction and $11.2 million in equipment spending create 874 full-time equivalent jobs for Hernando County during the construction period. The construction generates approximately $17 million in additional personal income during the project and contributes approximately $26 million to the gross county product. The TBRPC utilized its REMI Policy Insight model to generate the employment forecasts.
Upon receiving the report, Michael McHugh, Director of Hernando County Office of Business Development, said, "The Oak Hill expansion project is significant to our economy and during the construction period it will provide the opportunity to put many in our community back to work. The impact to the community is significant, enhancing health care services for our citizens and the creation of many new high-tech, high-wage jobs. I congratulate the management and employees of Oak Hill on this tremendous accomplishment and opportunity."
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