AMA Report Announces Physicians Create Economic Prosperity and Growth

Physicians create 12.6 million jobs and $2.3 trillion of economic activity, according to the American Medical Association (AMA) in a new report, The National Economic Impact of Physicians. The study looked at four key economic indicators in all 50 states, including the District of Columbia: total output; jobs; wages and benefits; and state and local tax revenue generated by physicians.

The study found that every physician in the United States supports, on average, 17.1 jobs. This creates a total of 12.6 million jobs supported by 736,873 physicians nationwide. Physicians also generate $2.3 trillion in economic output, making up 13% of the national gross domestic product. Individual physicians generate an average of $3.2 million in economic activity annually.

Regarding wages and benefits, physicians provide $1 trillion in total wages and benefits to employees in the United States. On average, each physician yields $1.4 million to workers’ wages and benefits.

In addition, $92.9 billion in state and local tax revenue is collected from physicians and their workers. Communities benefit from these taxes by using them to fund infrastructure and provide healthcare opportunities for patients. Each physician contributes $126,129 in taxes that go towards community investments.

The report found that physicians generate more economic output, create more jobs and have higher wages than those working in higher education, nursing and community care facilities, legal services, and home health.

“The positive impact of physicians extends beyond safeguarding the health and welfare of their patients,” AMA President David O. Barbe, MD, MHA, said in a statement. “The AMA’s economic impact study illustrates that physicians are strong economic drivers that are woven into their local communities by the commerce and jobs they create. These quality jobs generate taxes to support schools, housing, transportation and other public services in local communities.”