Banner Health Generates $25.3B in Arizona Output

An independent analysis by Rounds Consulting Group estimates the health system's statewide economic footprint.

Updated on Nov. 11, 2026 in Economic Indicators

Banner Health Generates $25.3B in Arizona Output

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Rounds Consulting Group released an independent analysis finding Banner Health generates $25.3 billion in annual economic output for Arizona. The analysis estimates Banner supports approximately 120,000 jobs and $610.1 million in state and local tax revenues.

Why it matters

The estimates show how a large healthcare employer ripples through the broader state economy, with nearly 48% of its employment impact occurring outside the healthcare sector. The findings also arrive as Arizona faces a projected shortage of approximately 23,600 healthcare workers by 2035.

The estimates come from an IMPLAN-based model that projects $12.9 billion in direct output and $12.4 billion in indirect output, with Banner Arizona employment growing 2.3% in fiscal year 2025 compared with 0.8% statewide. The figures rely on Banner-provided information and modeling assumptions, so they are projections rather than audited totals.

The players

Banner Health

Banner Health is a nonprofit health system based in Arizona and the state's largest private employer, operating hospitals and clinics across the state.

Rounds Consulting Group

Rounds Consulting Group is an economic consulting firm that produced the independent analysis of Banner Health's statewide economic impact.

The details

Rounds Consulting Group used a customized IMPLAN model to estimate direct, indirect, and induced effects tied to Banner Health, which employs approximately 53,000 Arizona-based workers. Banner contributes $10.1 billion in annual labor income and trains more than 1,300 residents and fellows each year.

Fiscal year 2025: Banner Health Arizona employment increased 2.3%.
2025: Medical professionals at Banner averaged approximately $111,300 in annual earnings.
November 11, 2026: Rounds Consulting Group analysis released.
By 2035: Arizona projects a shortage of approximately 23,600 healthcare workers.

Economic Indicators

The analysis lands against Arizona's projected shortage of roughly 23,600 healthcare workers by 2035, positioning Banner's 53,000-person workforce as a major part of the state's healthcare labor base. Banner's reported 2.3% employment growth in fiscal year 2025, compared with 0.8% statewide, suggests the system is expanding faster than the state overall.

For Arizonans, the analysis points to a health system that anchors local jobs and tax revenue, which may matter for communities where Banner is a major employer. The projected 23,600-worker shortage by 2035 could affect the availability of care for residents if the gap is not filled.

The takeaway

Economic footprints of large healthcare employers extend well beyond hospital walls, with nearly half of Banner's employment impact occurring in other sectors. Tracking workforce pipelines now may help Arizona prepare for the projected shortage ahead.