Banner Health generates $25.3 billion, supports 120,000 jobs for Arizona

Banner Health generated $25.3 billion in annual economic output for Arizona, supporting approximately 120,000 jobs across the state, according to an independent economic analysis released Wednesday.

The report, conducted by Arizona-based Rounds Consulting Group, found that Banner Health — the state’s largest private employer — also generated $10.1 billion in annual labor income and $610.1 million in state and local tax revenue.

Nearly 48% of Banner’s total employment impact comes from outside the healthcare industry. That means for every job Banner supports inside a healthcare setting, nearly an equal number of jobs are supported across the broader Arizona economy.

Banner employs approximately 53,000 people in Arizona, generating nearly $12.9 billion in direct economic output and $12.4 billion in indirect economic output. Purchases from Arizona businesses support an additional 32,000 jobs, while in-house spending supports another 35,000.

Maricopa County accounts for the largest share of Banner’s statewide economic impact, including approximately 95,000 jobs supported and $20.6 billion in annual economic output.

Other regional impacts include:

• Pima County: 20,700 jobs and nearly $4 billion in economic output.
• Pinal County: 2,300 jobs and $466.4 million in economic output.
• Gila County: 600 jobs and $119.8 million in economic output.
• Coconino County: 300 jobs and $64.4 million in economic output.
• Yuma County: 200 jobs and $39.4 million in economic output.

The report also highlighted Banner’s role in developing Arizona’s healthcare workforce. The state is projected to face a shortage of approximately 23,600 healthcare workers by 2035.

Banner trains more than 1,300 residents and fellows annually, while its Arizona employment grew 2.3% in fiscal year 2025, compared to just 0.8% by the rest of the state’s employers.

“Banner is not just measuring our economic impact today, we are actively building Arizona’s workforce for tomorrow,” said Mark Whalen, Banner Health’s chief enterprise growth officer. “The jobs we are creating and the physicians we are training are the foundation of Arizona’s economic future.”

As a nonprofit organization, Banner Health says it reinvests its earnings into the communities it serves, constantly expanding access to healthcare in Arizona.

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