Today, Regence and consulting firm ECONorthwest released the results of an external assessment that examines Regence’s impact on the regional economy. The new economic impact report details how company business operations – chiefly, providing health insurance solutions to more than 3.3 million people – along with charitable contributions and capital spending rippled through the economies of Oregon, Washington, Idaho and Utah.
Assessing 2020 financials, Regence and its family of companies generated $1.7 billion in economic activity, including nearly 9,400 regional jobs, $676 million in income and $101.3 million in tax and fee revenues for state and local governments. This analysis includes the impact of additional economic activity through the purchase of goods and services from local businesses and household spending by employees.
"The companies’ long history in the region has resulted in strong supplier ties and employment in both urban and non-urban centers -- an important contributor to economic stability and resilience,” said Joel Ainsworth, the ECONorthwest economist who conducted the analysis.
Other key findings:
- Regence and its family of companies spent $943 million on operations, which supported $1.7 billion in gross economic activity across the region.
- Regence and its family of companies supported an additional $700,000 of economic activity across the region for every $1 million dollars they spent
- Each 1,000 Regence jobs supported – through consumption spending – 800 other jobs elsewhere in the region
- Regence and its family of companies, along with its employees and grant-making foundation gave more than $20 million in 2020 to nonprofits and charities across the four-state region. (A recent example of this type of giving is Regence’s investment of $1 million to advance health equity in four communities in the Pacific Northwest and Intermountain West.)
Economic impact summaries can be found by visiting the following links:
The 2020 Regence Economic Contributions report was produced by ECONorthwest, a respected regional consulting firm specializing in economics, finance and planning.
Regence serves approximately 3.3 million people through its health plans in Idaho, Oregon, Utah and Washington. Each Regence health plan is a nonprofit independent licensee of the Blue Cross and Blue Shield Association. Regence is part of a family of companies dedicated to transforming health care by delivering innovative products and services that change the way consumers nationwide experience health care. For more information, please visit regence.com.