How Do Healthcare Positions Correlate to the U.S. Economy?
You likely know that the healthcare industry is a major part of the U.S. economy. But do you realize just how closely healthcare positions correlate to economic health and stability? As an industry that makes up a significant portion of U.S. gross domestic product (GDP), healthcare plays a pivotal role in both local and national economies. Let’s explore some of the key ways that healthcare staffing relates to economic prosperity for a healthcare staffing company.
Healthcare Job Growth Reflects Economic Trends
As the economy fluctuates, so does healthcare. During recessions, people tend to put off elective procedures and reduce healthcare spending, leading to job losses. The 2008 recession led to major healthcare staffing cuts. Alternatively, during times of economic growth, more people utilize healthcare. This leads medical centers and healthcare staffing companies to increase hiring. Currently, the economy is recovering from the pandemic. Simultaneously, healthcare is experiencing rapid job gains after pandemic losses. As people return to routine medical care, a healthcare staffing company is scrambling to meet demands. This closely mirrors strengthening economic indicators like increased consumer spending.
Healthcare Staff Salaries Impact Local Economies
Salaries within healthcare can spur local economic growth. Healthcare workers often have higher than average wages compared to other industries. When healthcare staffing companies help individuals find high-paying positions, it brings more disposable income into communities. Nurses, doctors, and other medical staff then funnel earnings into area businesses and services. This boosted spending ripples across neighborhoods, as local establishments hire more people too.
Rising Healthcare Positions Show Innovation
Growing healthcare positions also showcase medical innovation. For example, the aging population requires expanded services for conditions like dementia and reduced mobility. As healthcare staffing companies seek to fill these specialty roles, it signals innovation in addressing healthcare needs. New positions for physician assistants, nurse practitioners, and home health aides demonstrate how healthcare continues to develop.
The state of healthcare correlates closely with fiscal health at micro and macro levels. Watching healthcare job trends provides insight into the economy’s trajectory. Likewise, broader monetary policies and events inevitably affect healthcare access and staffing. According to the U.S. Bureau of Labor Statistics, from 2018 to 2028, healthcare positions are expected to grow 14%, or add 1.9 million new jobs. This is considered much faster than the average for all occupations. If you’re looking to fill open positions within your company, our healthcare staffing company can help. Reach out to Concentric Healthcare Staffing today to get started.
