June 05, 2019new22
Regions has $7.6 billion economic impact on Alabama
An economic impact study finds that Birmingham’s Regions Bank had a $7.6 billion impact on the Alabama economy in 2018.
Consulting firm Tripp Umbach is out with the study, which Regions commissioned to measure and quantify the economic effect and community benefits generated by the company in Alabama and Greater Birmingham.
May 04, 2019new22
Medical College of Georgia changes aim to get more doctors to rural areas
In order to get more doctors to rural underserved areas of Georgia, the Medical College of Georgia is looking to shorten their time in school, get them into primary care and offer tuition forgiveness if they practice at least six years in one of those areas.
Even if it costs the state $20 million a year by 2028, just putting 48 MCG-trained doctors into rural underserved areas would yield an economic benefit to the state of more than $340 million, a Tripp Umbach study found.
April 18, 2019new22
New senior living initiative aims to ‘reframe the conversation’ with policymakers
A new Argentum initiative aims to “reframe the conversation with policymakers that we really are an industry that they should be thinking about as part of the solution, long-term, to long-term care,” Argentum President and CEO James Balda told McKnight’s Senior Living.
The organization partnered with consulting firm Tripp Umbach to conduct key stakeholder interviews, collect data, review historical surveys from a proprietary database, and examine public and government sources. The results quantify the senior living industry’s current economic, employment, government revenue and social responsibility effects nationally as well as in each state and the District of Columbia.
April 06, 2019new22
New facility is a game changer for medical technology in Shreveport
BRF is opening a new Center for Molecular Imaging and Therapy. Governor John Bel Edwards in town for the groundbreaking of the new $14 million medical facility.
To secure the CMIT project, the State of Louisiana offered BRF a competitive incentive package that consists of a $1 million performance based grant. The grant will offset the costs of medical equipment and building expenses associated with the project.
According to a 2014 study by Tripp Umbach, by 2020, there will be roughly 30,000 direct and indirect employees working in the Shreveport Healthcare and Development Corridor, with an estimated economic impact of $4.9 billion per year.
March 29, 2019new22
NU stresses its value to Nebraska’s economy during Board of Regents meeting
A consultant Friday placed a dollar figure on the University of Nebraska system’s value to the state: $4.5 billion.
The consultant, Paul Umbach of Pennsylvania-based Tripp Umbach, told the NU Board of Regents that it’s a story the university should “boldly” tell Nebraska.
Umbach’s report came with assessments of NU’s annual value to each of the 49 legislative districts. Umbach said to the regents that he had been asked if the report is a tool that could be used to lobby state senators. “The answer is, of course it is,” Umbach said.
March 6, 2019new22
Highmark has $620 million impact on Erie area
Erie benefited from that impact, according to the study, which shows Highmark Health supported 3,626 full- and part-time jobs in the Erie area.
Highmark Health, parent company of Saint Vincent Hospital, has announced the results of a study measuring its economic impact on the nation, Pennsylvania and the Erie region.
The study show that Highmark, which includes the Allegheny Health Network, had a total direct and indirect economic impact of $18.7 billion in 2017, including a direct economic impact of $6.4 billion, according to a study conducted by the consulting firm of Tripp Umbach, which has conducted hundreds of economic impact studies for businesses, including GE Transportation, and medical facilities around the world.
March 6, 2019new22
Highmark’s economic impact in Delaware totals $135 million
Highmark’s national economic impact has reached $18.7 billion, with Delaware accounting for $135 million of the figure, according to the latest report from consulting agency Tripp Umbach. Highmark operations in Delaware also account for nearly 600 jobs.
The impact in Pennsylvania is $12.3 billion. That number is larger than the impact from all professional sports teams in the state, as well as the Pennsylvania airline industry. The figures are also affected by Highmark’s ownership of a large hospital system.
March 05, 2019new22
Report highlights Highmark Health’s economic impact
The economic impact study released Tuesday marks the first time since Highmark Health — the overall organization that encompasses Highmark the insurer, Allegheny Health Network, and other businesses — was created. The report, by Pittsburgh-based Tripp Umbach, said Highmark Health had a $6.4 billion direct impact and a $12.3 billion indirect impact for 2019 that includes not only the businesses themselves but also secondary spending by employees.
January 27, 2019new22
NWA EDITORIAL: What’s the prognosis? Region must embrace pursuit of health care
A report on Northwest Arkansas’ health care system shows the region can ill afford to ignore its development.
Northwest Arkansas’ delivery of health care got a diagnosis the other day from a nationally known consulting firm, Tripp Umbach. The firm delivered a report to the Northwest Arkansas Council, the private nonprofit organization of business leaders that advocates projects it deems vital to economic strength within the region.
Few Arkansans have the luxury of thinking about health care as a form of economic development. In daily living, health care is a personal matter. And like preplanning a funeral, a matter most want to put off, as though talking about it will speed up the need for it. Also, there’s a certain assumption, as with local ambulance service, that it will be there when we need it.
Tripp Umbach responds: Not necessarily. Click Read More for the full article.
January 17, 2019new22
Northwest Arkansas Council makes healthcare recommendations
Northwest Arkansas is missing out on $950 million in the health care economy, in part because of a lack of specialty healthcare providers, according to a report.
The report, released today during the Northwest Arkansas Council’s annual winter meeting, outlines four recommendations for how the region can attract and retain healthcare professionals and patients: establish a division of the council focused on health care transformation; expand graduate medical education; develop an interdisciplinary research institute; and develop a medical school.
The council, a nonprofit organization composed of executives from the region’s largest companies, schools and health care systems, hired consulting firm Tripp Umbach to begin researching the region’s healthcare economy in March.
September 6, 2018
So you want to build a medical school?
Paul Umbach urges Southern Nevada higher education leaders in partnership with private philanthropists to consider the lessons learned from contemporary medical schools as thy create a transformational facility not constrained by a traditional library.
July 30, 2018
Keck Graduate Institute Announces Plans for New Medical School
Keck Graduate Institute (KGI) has announced plans for a new KGI School of Medicine to meet the increasing demand for primary care physicians in Southern California. A generous donor’s transformational gift to KGI will fund the first phase of the school, which includes the recruitment and hiring of the founding dean.
In May, the KGI Board of Trustees approved the proposal to develop the school. The board based its decision on a feasibility study by strategic consultant, Tripp Umbach, which concluded that a medical school at KGI would help meet the demand for more primary care physicians in Southern California.
June 25, 2018
Pittsburgh’s Strip District is leading edge of redevelopment
About two dozen visitors from Hampton Roads went to Pittsburgh from June 19 to 21 to gain firsthand insight into how one of the country’s largest cities reinvented its economy.
The Virginia visitors met with about 20 Pittsburgh-area professionals who shared their insights regarding all things business and economic development-related. The Hampton Roads Chamber sponsored and organized the trip.
Paul Umbach, founder and president of Tripp Umbach, a Pittsburgh-based economic and community development firm, said the Strip District’s location is its greatest asset.
April 18, 2018
Consulting firm reports UM System brings in $5.4 billion annually to the state
The University of Missouri System brings in $5.4 billion annually to the state, UM System President Mun Choi and system administrators announced Tuesday.
According to an economic impact study done by consulting firm Tripp Umbach, the system also collected more than $244 million in state and local revenue taxes and directly or indirectly employed 61,105 people.
Administrators and economic consultant Paul Umbach of Tripp Umbach presented the information to legislators and news media at the Capitol.
MU brought in $3.9 billion to the state, supported 46,855 jobs and generated $117.4 million in state and local taxes in 2017, according to the report.
February 25, 2018
Sangre de Cristo National Heritage Area executive director advocates for continued funding in Washington
Tori Martinez, Executive Director for the Sangre de Cristo National Heritage Area (SdCNHA) spent the week in Washington DC speaking with Senators and Congressmen to advocate for funding and legislation to support Colorado’s three National Heritage Areas.
An independent 2012 study by Tripp Umbach found that NHAs’ overall annual economic impact in the U.S. is $12.9 billion, which significantly exceeds the amount of federal funding provided to NHAs by as much as 5:1. The economic impact is comprised of three main areas: tourism, operational expenditures and grantmaking activities; the majority of impact (99%) is generated by tourism spending.
February 25, 2018
Erie’s LECOM has $1 billion financial footprint
The small medical school was started to maintain physician staffing at Millcreek Community Hospital. Today, it has three campuses, 9,000 grads and an annual national economic impact of more than $1 billion.
While the study was commissioned by LECOM, the study itself was conducted by the widely respected firm of Tripp Umbach, which has performed economic impact studies for a long list of clients, including GE Transportation, UPMC, Cleveland Clinic, GE Healthcare Saudi Arabia and the Association for American Medical Colleges.
January 4, 2018
UMN Moriss Adds $85.6 Million to Minnesota’s Economy Each Year
Tripp Umbach, a Pittsburgh-based national research firm, announced this month that the University of Minnesota (UMN) contributes $8.6 billion a year in economic activity to the state of Minnesota: $85.6 million of that comes from the Morris campus.
“This research confirms what we’ve known to be true: The University of Minnesota—with a presence in every county in the state—is critical to the economic and cultural vitality of our state,” said University President Eric Kaler.
January 4, 2018
Study Shows SCAD Makes Powerful Impact on Georgia
A recent economic impact study revealed that the Savannah College of Art and Design generates an impressive $600 million annually for the state of Georgia.
The report, conducted by national consulting firm Tripp Umbach, showcases the university’s “cultural, economic and charitable contributions” in Savannah and Atlanta on a yearly basis. It also demonstrates that 22 percent of graduates from the school stay within the state. And according to the school, this level of retention notably increases Georgia’s earning potential and productivity across industries.
December 14, 2017
New Economic Impact Study Shows SCAD Generates $600M for the State of Georgia
Report shows university’s cultural, economic and charitable contributions in Savannah and Atlanta on an annual basis
“We have never seen an institution with a greater transformational impact on its local community than SCAD,” said Paul Umbach, founder of Tripp Umbach. “SCAD is the cultural heart of Savannah, and the engine driving Georgia’s new economy.”
December 4, 2017
Supporters tout Discover Niagara Shuttle ridership while lobbying for financial support
Almost 70,000 riders have used the free Discover Niagara Shuttle during its first two years of operation, connecting to more than a dozen stops between downtown Niagara Falls and Old Fort Niagara in Youngstown, officials said Monday.
Supporters of the shuttle pointed to a study that claimed a $35 million economic impact from the Discover Niagara Shuttle. The economic impact study by Tripp Umbach, a Pittsburgh consulting firm, calculated the estimated $35 million impact by extrapolating the spending reported by survey respondents.
November 24, 2017
Airbnb scores big thanks to Vols football
The Vols lost to the Tigers 30-10 on Nov. 18, but Airbnb projects that to be its biggest weekend ever in East Tennessee, with 1,250 guests staying with local hosts, and those hosts making $136,000.
A UT Athletics-sponsored study found in May 2016 that Vols football had a $355.7 million annual economic impact, accounting for more than half the total impact of UT sports. That’s $42 million for the average home-game weekend, research firm Tripp Umbach concluded.
November 20, 2017
Accreditation Progressing for New DFW Medical School
A new school of medicine planned by Texas Christian University and the UNT Health Science Center School of Medicine has taken another step toward its hoped-for opening in 2019.
The TCU and UNTHSC School of Medicine says it has officially submitted all of its required documentation to the accrediting body for such schools, the Liaison Committee on Medical Education.
According to a report earlier this year by Tripp Umbach, an economic-analysis group for academic health centers, the base economic impact of the TCU and UNTHSC School of Medicine is expected to begin at more than $140 million.
November 16, 2017
University of Houston approves medical school
A long time coming, the University of Houston Board of Regents has voted and approved establishing a college of medicine focused on primary care.
Anticipated full enrollment is 480 students and 130 faculty and support staff by 2026. In terms of economic impact, the study projects the school will contribute $1 billion and provide nearly 6,500 jobs in Texas by 2050.
You can read the full study performed by Pittsburgh, Pennsylvania-based Tripp Umbach here.
October 23, 2017
Study: Greensburg’s downtown ready for a hotel with 60-80 rooms
Visitors to Greensburg have long needed to venture outside the city for a place to rest their heads, but a new feasibility study suggests a downtown hotel would be good for business, and good for the city.
The study by Pittsburgh consultant Tripp Umbach recommended a small hotel with 60-80 rooms be opened downtown.
October 13, 2017
Report shows UAB Boosts Alabama economy with $7.15 billion impact
A new study performed by Tripp Umbach shows the University of Alabama at Birmingham’s annual economic impact has grown to $7.15 billion a year, up from $4.6 billion just eight years ago — a 55 percent increase. UAB now directly employs more than 23,000 and supports more than 64,000 jobs — one of every 31 in Alabama.
September 29, 2017
Indiana nurse, doctor shortage worries health care providers
Indiana will need nearly 900 more doctors in the next 13 years, but getting them to come here – and stay here – feels nearly impossible for some healthcare professionals.
By 2030, Indiana will have a need for 817 more primary care physicians, according to a study conducted by Tripp Umbach, a consulting firm in Pittsburgh. But fewer Hoosiers are pursuing a career as a physician, Sharp said.
Source: 13 WTHR
September 19, 2017
Kustra says new records are being set at Boise State
Boise State University students are now nearly one month into the 2017 fall semester and today university President Bob Kustra said new records have already been set, starting with this year’s freshman class.
All of the financial data and job totals in Kustra’s address are based on a report by Tripp Umbach, an economic analysis group.
September 19, 2017
19th Century UConn? Legislature’s Budget Would Damage State, UConn
The budget approved last week by the General Assembly would reduce the state appropriation to the University of Connecticut by just shy of 30 percent from where it currently stands, meaning campuses would close, financial aid would be slashed, and thousands of jobs in the private economy would be lost.
The adopted budget would bring that advancement to a halt, but its impact would not be limited to the University. According to a 2015 analysis by the Tripp Umbach research firm, UConn accounts for more than $3.4 billion worth of economic activity in Connecticut every year, and sustains one in every 90 jobs in the state, more than half of them in the private sector.
August 24, 2017
Knoxville scores big with the Vols on the field
In August 2015, the UT Athletics Department hired Pennsylvania research firm Tripp Umbach to tally the total economic impact of UT sports.
The resulting report, dated May 2016, says UT football has a $355.7 million annual economic impact. The university has 20 sports, but football alone accounts for 57.5 percent of the total financial impact.
August 8, 2017
University of Missouri System president shares plans for future
University of Missouri System President Mun Choi was in Chillicothe Thursday as part of a northwest Missouri outreach tour, meeting with community and business leaders, former curators, local legislators, alumni and donors.
We need to demonstrate the tremendous value we have,” he said. “It’s not just through the extension program. There is a lot that we provide.” Choi stated that the university has retained the consulting services of Tripp Umbach to do an economic assessment of the four campuses to see what value the system provides.
July 10, 2017
To ease physician shortage, state approves funds for more residency slots
In a move that could help ease the physician shortage in Indiana, the state has approved about $2.5 million in funding that could eventually lead to dozens of new residency positions.
The Indiana Graduate Medical Education Board recently awarded 10 grants to medical schools, health systems and other groups to either develop residency program or begin feasibility studies.
Indiana will need 817 more primary care physicians by 2030, an increase of about 21 percent, according to a study performed by consulting firm Tripp Umbach of Pittsburgh.
June 23, 2017
University of Missouri looks to its future after cuts
Job cuts, reallocation and big ideas have come in waves at the University of Missouri since Mun Choi took over as president in March.
“We are facing a situation where state finances or state support, I believe, will be maintained at the current level or most likely fall in future years,” Choi said. “We can’t just react to future cuts without having plans in place to address our own best interests.”
To back up those requests, the university has hired the consulting firm Tripp Umbach to assess the university’s economic contribution to the state.
May 22, 2017
Kanawha official wants soccer tournament at Shawnee by 2019
Voting Tuesday to move forward with building a $15.2 million multi-sport complex at Shawnee Regional Park in Institute would give the Kanawha County Commission an opportunity to compete to host a soccer tournament there in 2019, an official said.
ZMM is contracting with Pittsburgh-based Tripp Umbach for the financial part of the study, Salango said.
May 10, 2017
Building a tech hub: Why conventions mean more to Las Vegas than just a tourist draw
According to the report, Las Vegas was among the leaders because of the impacts of the annual Consumer Electronics Show and other tech gatherings. The impact of the nascent UNLV School of Medicine was also addressed.
The report also found that UNLV School of Medicine, scheduled to host its first classes in July on Charleston Boulevard, is projected to have a $1.2 billion impact by 2030, citing a 2013 report by the consulting firm Tripp Umbach.
April 30, 2017
UVa anticipates larger role in area growth patterns
As new technology companies continue to percolate in Charlottesville and Albemarle County, the University of Virginia wants to know if its graduates can help provide more of the talent.
A study conducted last year by the firm Tripp Umbach found that the university contributes $4.8 billion to the Thomas Jefferson Planning District each year, including $200 million in local government taxes.
April 27, 2017
National Park Service offers 21 million reasons why history is good for Greater Morristown
Tourism to Morristown National Historical Park Creates $20.7 Million in Economic Benefits.
This independent study was conducted by Tripp Umbach for the Crossroads of the American Revolution NHA reflecting the economic activity of a focused slice of the state’s significant heritage and cultural sites and resources.
April 26, 2017
ULM eyes medical school for 2019
Realizing no state money would be available for a medical school, ULM started searching about two years ago for a private, nonprofit group to partner with, according to Bruno. ULM hired the consulting firm Tripp Umbach of Pittsburgh, Pennsylvania to conduct a feasibility study “that showed Monroe and Northeast Louisiana as a prime area because we are a rural area that is medically underserved.”
April 24, 2017
Report Touts Benefits of New DFW Medical School
A new school of medicine to be opened jointly in 2019 by the UNT Health Science Center and Texas Christian University will “positively impact the North Texas community,” a new report says.
The school will “provide new opportunities for employment and boost the local economy,” according to a report by Tripp Umbach, an economic-impact analysis group for U.S. academic health centers.
April 18, 2017
First students at Fort Worth medical school will get free tuition for a year
The inaugural class of 60 students in Fort Worth’s new M.D. program will receive free tuition for their first year of school thanks to a gift from a Fort Worth businessman.
At Monday’s press conference, the economic impact of the new M.D. program was projected to be $1.7 billion by 2030. A new medical school will have base operations of more than $140 million with additional impacts coming from research, clinical care, spin-offs and indirect support, said Paul Umbach,
April 10, 2017
Graduating class could help Indiana’s primary care shortage
The Association of American Medical Colleges says Indiana ranks 38th in the number of primary care physicians on a per-capita basis. A lot of the shortage has hit hardest in rural areas.
A recent study by Pittsburgh-based consulting firm Tripp Umbach says Indiana will need more than 800 additional primary care physicians by 2030.
April 8, 2017
David S. Wilkes column: NIH funding cuts threaten local and national economic health
Newly released federal budget proposals would cut $1.2 billion from this year’s National Institutes of Health (NIH) budget and almost $6 billion from next year’s NIH budget. If approved, these cuts will not only make it harder to find new cures and provide better patient care, it will make it tougher to create new jobs.
A study conducted by the research firm Tripp Umbach found that in
April 8, 2017
Marian medical school’s first graduates could fill primary-care dearth
On a per-capita basis, Indiana ranks 38th in the number of primary care physicians, according to the Association of American Medical Colleges. Much of the shortage is hitting hardest in rural areas, where entire towns are without doctors.
Indiana will need 817 more primary care physicians by 2030, an increase of about 21 percent, says a recent study by consulting firm Tripp Umbach of Pittsburgh.
April 5, 2017
Osteopathic Physicians to Congress: Expand Teaching Health Center Program to Solve Physician Shortage
Each resident in a community-based training program generates $200,000 in annual economic benefit to the community and $1.9 million every year they practice in the area afterward, according to Pittsburgh-based consulting firm Tripp Umbach. In addition, every physician who practices in a medically underserved community results in $3.6 million in annual savings for the health care system.
“Those savings happen because people without doctors put off care and lack continuity of care,” said Paul Umbach, Tripp Umbach president. “Just being able to see a doctor in the community provides an economic lift, because having regular checkups means early diagnosis and treatment, and in turn, dealing with fewer serious illnesses.”
April 4, 2017
$118.9 Million Health Care Simulation Center to Change Traditional Way Students in the Health Professions Learn
The University of Nebraska Medical Center is poised to transform health care education, and – as aviation simulation changed the flight industry – propel the training of doctors, nurses and allied health professionals into the next generation with emerging virtual and augmented reality.
One of the major benefits of the new facility would be to generate an annual economic impact in Nebraska of approximately $40 million (Tripp Umbach study).
March 23, 2017
General Electric agrees to deeper cost cuts
General Electric Co. has agreed with a group of its largest shareholders to cut $2 billion in its industrial units’ costs over a two-year period, a move that could affect operations at its Global Research Center in Niskayuna.
A 2015 study by consultants Tripp Umbach found that GE’s Capital Region operations generated $1 of every $11.50 in economic activity, either directly or indirectly, while employing directly or indirectly nearly 4 percent of the region’s workforce.
March 22, 2017
Investment in our future medical care
New agreements between Burrell College of Osteopathic Medicine and local hospitals and health centers to expand medical residencies in Las Cruces. Each residency program generates $200,000 a year in economic benefits during the period when the residency is taking place, with an additional $1.9 million in economic benefits for every year
March 19, 2017
Medical residencies increase in Las Cruces
With more than 160 students expected to graduate from Burrell College of Osteopathic Medicine per year, and the goal of keeping these new physicians in New Mexico, local health facilities are stepping up to meet the need for more medical residencies in Las Cruces.
According to a BCOM news release, studies show that 70 percent of medical students remain in the area where they complete a residency training. And as cited in the release, Tripp Umbach, a national consulting firm, “estimates that each resident in a community-based residency program generates $200,000 in annual economic benefits to their community while in the program, and $1.9 million in economic benefits every year they remain in the area to practice medicine after training, plus nine new jobs.”
March 4, 2017
Five Years Later: “Year of Downtown Projects” Continue to Attract Millions to the Heart of the City
According to Scott Adams, Las Vegas deputy city manager, perhaps no single project has
February 23, 2017
Connecticut must prioritize funding for education – be it k-12 or higher learning – because, quite simply, better, increased education is a sound economic investment.
February 21, 2017
Health care forum set for Feb. 23.
The York Daily Record, Family First
PNWU makes positive impact on area economy
Yakima’s own medical school, Pacific Northwest University of Health Sciences (PNWU), is making a significant contribution to the local and state economy according to a new economic impact report released this week.
Let’s talk about the health of York city
Through a community health market research study, commissioned by Family First Health and conducted by TrippUmbach, we’re able to see key findings that paint a detailed picture of challenges in York and provide a starting point for the conversations Sean Heisey, York Daily Record
Local officials excited about development of UNLV School of Medicine, medical district
University, health and city officials gathered for a town hall event Tuesday night looking forward to the development of the UNLV School of Medicine and the medical district surrounding it.