Today we update an earlier post on a part of the huge health services industry, namely, hospitals. The graph shows the total annual revenues of all U.S. hospitals as they are defined by the Census Bureau, below, over a fifteen year period. Annual revenues for this industry appear to rise, regardless of economic conditions, recessions, financial crisis, or business cycles.

This industry is identified within the industry coding system, NAICS, with the code 622 and is defined by the Census Bureau as including hospitals whose primary business is to “provide medical, diagnostic, and treatment services that include physician, nursing, and other health services to inpatients and the specialized accommodation services required by inpatients. Hospitals may also provide outpatient services as a secondary activity. Establishments in the Hospitals subsector provide inpatient health services, many of which can only be provided using the specialized facilities and equipment that form a significant and integral part of the production process.”

Geographic reference: United States
Year: 2005 and 2012
Market size: $620.85 billion and $904.47 billion respectively
Source: “Table 1 – Selected Services, Estimated Quarterly Revenue for Employer Firms,” Annual Benchmark Report for Services through 2012, a series of reports put out by the Census Bureau in conjunction with their Service Annual Survey, published every non-Economic Census year. The Service Annual Survey reports are accessible on the Census web site here.
Original source: U.S. Department of Commerce, Economics and Statistics Administration, U.S. Census Bureau
Posted on July 10, 2013