Business leaders in Baltimore, Md., often tout the successes of their innovation-based economy. Home to nationally recognized health care and higher-learning institutions, the city has prospered in recent years. The Economic Alliance of Greater Baltimore notes that what was once an industrial economy has shifted to become a professional mecca.
Gov. Lincoln D. Chafee and leaders from Rhode Island’s hospitals, colleges and universities commendably were scheduled to tour Charm City last week as part of a fact-finding mission. The goal of the visit was to bring back success stories and ideas that will assist in developing the Knowledge Economy.
The trip comes on the heels of a similar tour of the Texas Medical Center, a collaborative of 49 nonprofit organizations dedicated to patient care, research and education.
Could Providence really become the next Baltimore or Houston? Some may say we are partly there. We are already home to world-class hospitals, colleges and universities. These organizations have an important presence in our capital and are vital components of our state’s economy.
Examine the impact of hospitals:
• 21,000 employees.
• $1.7 billion payroll.
• $50,360 average annual wage.
• Ninety-four percent of job openings require post-secondary education.
• Increasing employment 15 percent from 2001 to 2008.
• Adding 3,000 jobs from 2008 to 2018.
Hospitals serve as a path to professions with steady employment, desirable wages and opportunity. Analysts have identified health care as a source of “hot jobs” for young professionals. According to the Rhode Island Department of Labor and Training, the industry is one of only two in our state to add jobs from December 2006 to February 2011. The other growth sector is education.
Our Knowledge Economy is flourishing. Hospitals, colleges and universities are partnering to conduct research to support advances in science and studying new innovations. These groundbreaking discoveries further opportunity and improve care.
Leaders in Texas said collaboration was key to their successful model. Our health care and academic institutions have a long history of working together to improve our state. We now offer great opportunity to create new jobs and serve as an economic engine for Rhode Island. With the expressed interest and support of our elected officials, we could see fact-finding missions to Providence in just a few short years. •
Edward J. Quinlan is president of the Hospital Association of Rhode Island.
Daniel P. Egan is president of the Association of Independent Colleges and Universities of Rhode Island.
