Econsult Solutions, Inc. (ESI) was commissioned by The Rowan University/Rutgers – Camden Board of Governors (“RURCBOG”) to produce a report titled, “Eds and Meds as an Economic Engine for the City of Camden and the State of New Jersey”. This report is the first in a series commissioned by RURCBOG to articulate the potential economic gains of its efforts at both a local and statewide level.
ESI’s findings indicate that the Eds and Meds sector generates significant economic impact on national, state, regional and local levels. In particular:
- The health care industry will soon be the nation’s largest employer, representing nearly 15% of US employment by 2024
- Key Eds and Meds jobs have grown by as much as 130% in just the past decade, which is far faster than the growth of overall US employment
- Eds and Meds are the largest and fastest growing industry in New Jersey and will represent 1 in 6 jobs in the state by 2020
- Eds and Meds generated 24,000 jobs in Camden, Burlington and Gloucester counties in the past decade.
- Out of the 30,000 jobs in the City of Camden, nearly 40% represent Eds and Meds institutions.
- A growing elderly population in New Jersey will continue to stimulate demand for health care jobs.
RURCBOG’s first major project is a Joint Health Sciences Center that is expected to open in 2018. The proposed building will play a pivotal role in enhancing the research and educational space in the region, thereby developing future health care professionals who will further contribute to the rapidly growing industry.
RURCBOG will play a significant role in improving and revitalizing the City of Camden, as well as in increasing the economic footprint of South Jersey.