PORTLAND, Ore., Feb. 14, 2013 /PRNewswire/ -- Cambia Health Solutions and its employees generated $1.4 billion in economic activity in the Pacific Northwest/Intermountain region in 2011, according to a new report released today by the company.
The Economic and Fiscal Impacts of Cambia Health Solutions report was produced with ECONorthwest, a Portland-based consulting firm specializing in economic planning and financial analysis. The report measures the economic and fiscal impacts associated with Cambia's headquarters operations in Portland, Oregon, including the multiplier effects on employment and economic development. The study also details the impact of Cambia's insurance subsidiaries in Idaho, Oregon, Utah and Washington.
"Cambia is a locally grown total health solutions company that cares about our customers, employees and the community," said Mark Ganz, president and CEO of Cambia Health Solutions. "That includes making a positive economic impact through jobs, local business partnerships, and investments that drive a more person-focused, economically sustainable health care system."
The impact is specific and measurable. Included in the $1.4 billion generated by Cambia's economic activity are nearly 12,000 regional jobs, $741.0 million in income and $150.5 million in tax and fee revenues for state and local governments."Cambia is an economic engine," said John Tapogna, president of ECONorthwest. "Spending associated with Cambia's business operations ultimately benefits workers and business owners in every sector of the regional economy." Other key findings:
- Cambia purchased $122.0 million in goods and services in 2011 with more than 75 percent directly benefitting local businesses.
- Cambia and its employees paid over $110.8 million in taxes and fees to state and local governments in 2011.
- Cambia and its employees contributed more than $6.7 million in 2011 to nonprofit organizations in their communities.
- Cambia alone contributed an average of $815 per employee to nonprofits in 2011, which is 17 percent higher than the U.S. corporate average, according to the Committee Encouraging Corporate Philanthropy.