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Economic Impact of the Texas Medical Center on southeast Texas

Authors
Disciplines
  • Economics
  • Medicine
  • Musicology
  • Political Science

Abstract

Economic Impact of the Texas Medical Center on Southeast Texas - Houston Business, October, 2001 - Dallas Fed Houston Business A Perspective on the Houston Economy Houston’s medical quarter, located on South Main, is the largest concentration of medical facilities in the world, with 61,041 employees on campus and 5.4 million patient visits in 2000. FE DE RA L RE SE RV E BA N K OF D AL LA S HO US TO N B RA N CH O ct ob er 2 00 1 Economic Impact of the Texas Medical Center on Southeast Texas Great cities share common features: power- ful economic and political ties to the rest of the globe; world-class museums and cultural facilities to present the arts, music and entertainment to its citizens; great universities that participate in research and lively debate; and a fine medical quarter. The medical quarter typically provides three products: medical care, medical research, and training for doctors and other medical staff. Houston’s medical quarter is located just out- side downtown on South Main and is dominated by the 42 member institutions of the Texas Medical Center (TMC). TMC’s structure is very different from the usual cluster of university-affiliated schools, hos- pitals and clinics. It is the largest concentration of medical facilities in the world, with 61,041 employ- ees on campus and 5.4 million patient visits in 2000. This article reviews the history and structure of the Texas Medical Center. It is a unique Texas story. Our main purpose, however, is to look at TMC’s economic impact on southeast Texas, in both dol- lars and jobs, and to provide some perspective on this impact relative to other institutions in south- east Texas and elsewhere. HISTORICAL PERSPECTIVE Monroe Dunaway Anderson built one of Houston’s great fortunes early in the 20th century. Under Anderson’s tight-fisted management and adept risk taking, he and his partner, Will Clayton, built their company, Anderson Clayton and Co., i

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