New Study Identifies Economic Impact of $13.7 Billion in the RGV Healthcare & Bioscience Industry

Workforce Solutions & the RGV Partnership Commission Study to Foster Industry Development

McAllen, TX – Workforce Solutions (WFS) recognizes that the Healthcare Industry in the Rio Grande Valley (RGV) is amongst the fastest growing in the region, with a projected growth of 32.1% by the year 2030. To better provide for the workforce readiness needs of future healthcare workers, WFS and the Rio Grande Valley Partnership (RGVP) commissioned an Economic Impact Study by the  University of Texas Rio Grande Valley Data and Information Systems Center , of which the findings were presented on Wednesday, October 28, 2020, during the WFS Healthcare Taskforce meeting.  

The study was funded via $7,000 in federal funds awarded to WFS by the Texas Workforce Commission (TWC) Texas Industry Partnership Grant and leveraged by matching contributions from RGVP. The purpose of the study was to measure the regional impact to the Healthcare Industry, focusing on wage data for high-demand, middle-skilled occupations. The data collected, provides wage and salary information on the existing workforce and highlights training needs in specific occupations to continue to build the talent pipelines in the healthcare industry for a better trained workforce. 

“With healthcare playing a pivotal role in our workforce, employing over 116,563 workers (30% of workforce) in the RGV in 2019, WFS understands the importance of fostering career pathways to ensure the continued growth and development of the industry,” said WFS Chief Executive Officer, Francisco Almaraz. “Collaboration with organizations like the RGVP help pave the way for a critical analysis of our current situation and provide us with a vision for the future. We’re eager to use the information collected to nurture the RGV’s healthcare industry for years to come.”

“The study finds that the RGV’s healthcare and bioscience industry is both large and diverse” said RGV Partnership CEO, Sergio Contreras.  “A business-friendly environment and training resources will continue to strengthen our ability to expand into research and drive investment in our region.”

The Healthcare Taskforce, comprised of major healthcare employers, educational institutions, and industry stakeholders representing the RGV, was established by WFS in August 2015 as a result of the growth in the industry, and the need to have a skilled workforce to meet the demand of employers. The group convenes to identify and address healthcare industry challenges, recruitment and training needs, and serves as a forum to explore partnership opportunities. 

To access the Economic Impact Study of the RGV Healthcare and Bioscience Industry, visit our Workforce Intelligence page.  

 

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