Photo is a rendered image from www.lakewayregionalmedicalcenter.com
Lakeway Regional Medical Center Development (LRMCD) will cause a considerable increase in local income and employment for the City of Lakeway.
On opening day, the development can be expected to employ nearly 2500 individuals. This includes doctors, medical staff and personnel, pharmacists, management, and construction workers. The development itself is expected to generate a considerable amount of income. If you are looking for Austin office space for lease, there will be plenty of opportunity for your business to succeed in the Lakeway area due to the new development of the hospital.
Jorge Barro conducted an economic analysis that was broken up into four phases and showed the economic impact that each phase of the development will have on the Lakeway area.
The largest sources of income and revenue that will have the most effect on the economic impact of LRMCD include:
- Employment of 450 construction workers
- Compensation of physicians and other hospital staff
- Expansion of the hospital will increase the number of licensed hospital beds from 102 to 240, an increase of 235%
- Hospital staff increase by 50%
- Revenue generated from the coffee shop, construction, hospital, hotel, medical supply store, pharmacy, and a restaurant
- Hospital will be expanded from 240 to 400 licensed hospital beds
- Hospital staff increase by 30%
- Continued revenue increases from the coffee shop, hospital, hotel, medical supply store, pharmacy, and a restaurant
Annual Economic Impact by Phase
Phase Annual Final Output Contribution 1 (Present-March 2012) $4,118,622 2 (April 2012 – March 2013) 221,927,148 3 (April 2013 – 2017) 327,980,498 4 (2017- ) 424,914,747
The development of the new Lakeway Regional Medical Center will bring an abundance of new opportunity for medical related businesses, doctors, medical staff, retail, and will drive new residents to the City of Lakeway. If you are looking to open Austin medical office space in or around the Lakeway area, now is the time to get started.
Source: Lakeway Regional Medical Center Development, Economic Impact Analysis by Jorge Barro