San Francisco’s Healthcare Industry

According to a recent report by the Hospital Council of Northern and Central California, San Francisco’s hospital industry is one of the healthiest in the city’s economy. It contributes $15.3 billion to the economy on an annual basis, and creates almost 99,000 jobs or 18% of the city’s work force.

Hospitality and tourism are the city’s largest industries today, thanks to the number of jobs they generate. The report explains, however, that San Francisco’s medical industry spends more money on wages, benefits, supplies and support of the local economy.

“The growth in medicine, biotech and teaching hospitals has been below the radar to most people. Maybe that’s because for many decades we’ve said tourism is our number one industry,” explained San Francisco Chamber of Commerce vice president Jim Lazarus. He added that “clearly tourism is an important part of the economy that brings in new dollars every day, but it’s clear that our growth in the past decade has been in medicine.”

Where hospitals have seen increased, other sectors have been dealing with decline of similar amounts.

Ron Smith, senior vice president for the hospital council said “Tourism, which is very important, causes $8.5 billion in spending in the city annually. Health care causes almost twice as much.” He added that “On top of that are the construction jobs- $4.9 billion over four years. And health care jobs on average pay almost 22% higher than other jobs in the city.”

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