Association touts LTC industry's status as 10th largest U.S. employer
The long-term care industry is the 10th largest employer in the United States, ahead of other major industries including food retail, merchandise retail and the military, according to a new report.
Annually, the long-term care industry generates $529 billion in total economic activity, supports and creates over 5.4 million jobs and generates $60 billion in tax revenue, according to a report released Thursday by the American Health Care Association and the National Center for Assisted Living. The report also says that long-term care contributes 3.7% of the nation's gross domestic product.
Providers worry, however, that the government's currently discussed attempts to cut spending and lower the deficit would limit the industry's outlook in the long term. The federal government now gives states $45 billion in Medicaid funds per year.
“If the states cut Medicaid, that will have direct and drastic implications on not only our profession, but more importantly our ability to serve the greatest of our country,” said Mark Parkinson, President and CEO of AHCA/NCAL. “The potential for increased job growth – a priority of every lawmaker in this country – is huge.”
To access the full data, with a breakdown by individual state, visit AHCA/NCAL's website at www.ahcancal.org