Health care is the North Shore’s largest business sector, both in terms of number of employees and revenues. It encompasses not only hospitals and other care providers, but also medical manufacturing, medical R&D and a variety of social services.
It is also the cluster with the highest growth since 2008, adding nearly 6,000 employees, despite the recession. The prospects for continued growth are excellent, fueled by a highly educated and mature population that values and spends on health care. As people live longer (thanks to devices such as those produced on the North Shore), they will need nursing homes and assisted living facilities in the years ahead. Growth will be driven as well by the need for continued innovation in processes and equipment as a means of cost containment.
It’s not surprising that Boston’s well-known teaching hospitals are well represented on the North Shore, contributing to the regional economy by providing excellent employment opportunities and leading the way in adopting new techniques and equipment.
STATS & HIGHLIGHTS
- The North Shore health care cluster comprises more than 4,000 businesses and employes more than 23,000 people.
- A number of these companies have revenues exceeding $250,000…and 83 companies employ more than 100 people.
- A new initiative is under way at Grosvenor Park Nursing Center to train Certified Senior Advisors (CSAs) to provide a higher level of care that will, it is hoped, result in fewer hospitalizations.