Wake Forest School of Medicine and Atrium Health
Expanding Medical Education and Economic Growth in the Carolinas
The Challenge
Atrium Health and Wake Forest University sought to understand the long-term economic and social benefits of establishing a full-scale Wake Forest School of Medicine in Charlotte. As healthcare systems across the country increasingly partner with academic institutions to address workforce shortages and advance medical innovation, Atrium Health aimed to quantify how a Charlotte-based medical school could strengthen the region’s economy, expand research, and improve community health outcomes.
How We Helped
Tripp Umbach conducted a comprehensive economic impact assessment to measure the projected statewide and regional benefits of the new medical school. The analysis evaluated direct, indirect, and induced economic activity associated with construction, operations, and related healthcare and innovation spin-offs. Using detailed modeling and stakeholder input, Tripp Umbach developed projections illustrating how the school’s presence would shape workforce development, biomedical research, and local tax revenue through 2040.
Tripp Umbach’s findings show that by 2040, the Wake Forest School of Medicine–Charlotte and its associated developments could generate more than $2.5 billion in total economic impact and support over 20,000 high-paying jobs. The project is also projected to contribute approximately $125 million in state and local tax revenue. By leveraging the combined strengths of Atrium Health, Wake Forest University, and the Charlotte business community, this initiative positions the region as a national leader in health innovation and medical education by mid-century.