Construction, expansion at UK HealthCare boosting Lexington’s economy; total payroll now exceeds 8,700
The construction and expansion at UK HealthCare, which comprises the University of Kentucky‘s College of Medicine and Albert B. Chandler Hospital, is giving Lexington a fiscal boost in an otherwise difficult economy. More than 8,700 people now work at the hospital and medical school.
The school’s number of employees has grown by 900 since 2004, topping out at 3,989, reports Margaret Buranen of Business Lexington. In the same period, the number of full-time hospital employees grew from 2,562 to 4,722, an 84 percent jump. The payroll, including salary and benefits, has risen to $677 million, about $300 million more than in 2004.
Another notable change in the past seven years is the ratio of full- and part-time faculty members at the College of Medicine. “The number of part-time faculty members has decreased nearly one-third, while full-time basic science and clinical faculty members have both increased. The net result is a 21 percent increase in faculty members,” Buranen reports.
Construction of the new Chandler Hospital has produced a payroll of $72 million in the private construction sector, which translates to 300 full-time jobs during construction. In addition, the fact that UK HealthCare used Kentucky vendors for building materials and supplies whenever possible results in an economic impact of $88.6 million., Buranen reports.
Phase I of the hospital construction includes a parking structure, trauma center and emergency department, which opened in July 2010. The hospital pavilion, which includes two floors of patient rooms, opens May 22 and will be dedicated Sunday. Phase II will cost $230 to $250 million. (Read more)