Denver's St. Joseph Hospital Project Will Have Big Economic Impact
The redevelopment of St. Joseph Hospital in central Denver will create 1,400 construction-related jobs annually and contribute $340 million in labor compensation from now until it opens in 2014, Denver city officials said in mid-June.
The campus redevelopment, known as the St. Joseph Heritage Project, is also projected to infuse $13.6 million annually to the city of Denver and $8 million annually to the state of Colorado in use taxes.
The findings were part of an economic study conducted by Denver-based BBC Research & Consulting for St. Joseph. The hospital will invest a total of more than $700 million in the multi-year project, which includes the cost of purchasing The Children’s Hospital adjacent property in 2007.
The campus redevelopment includes a new 348-bed hospital. The 826,000-sq-ft building will be located in “mid-campus” and is scheduled to open in December 2014.
“We view this project as a vital piece of Denver’s economic forecast,” said Denver Mayor Vidal. “With the constant need to create jobs and the recent trend of hospital systems leaving Denver for the suburbs, the study’s findings are positive indicators that Exempla St. Joseph Hospital’s new facility will make a significant economic impact on Denver. It will provide growth and stability to the construction industry as well as to the overall job market. The investment St. Joseph is making in Denver could not come at a better time.”
St. Joseph has a long history in Denver. The hospital directly employs approximately 3,000 people, with 30% residing in the city of Denver, and contributes $177 million in annual labor compensation. St. Joseph produces an estimated $2.8 million in annual sales tax revenue for city and local amenities and $1.7 million for the state of Colorado.
“Since 1873, the Sisters of Charity of Leavenworth have been committed to serving the Denver area by providing quality health care to the patients and communities we serve,” said Bain J. Farris, Exempla Saint Joseph Hospital president and chief executive officer. “While our mission is centered on continuing to ensure access to health care for all those in need, we are proud of our contributions to the local economy made possible by the redevelopment of our campus and construction of a new hospital.”
Annually, Saint Joseph spends more than $120 million on supplies, services and equipment for hospital operations, producing directly and indirectly an estimated $2.8 million in annual sales tax revenue for the city of Denver, RTD, SCFD and the Football Stadium District, and $1.7 million for the state of Colorado.
The full economic study can be found at www.stjosephcommunitypartnership.com.