Two new studies released by the New Jersey Hospital Association say hospitals are economic anchors of their communities, providing more than $24.7 billion in total contributions to the state’s economy, including $3.2 billion in contributions to promote community well-being.

NJHA’s 2020 Economic Impact Report and 2020 Community Benefit Report provide 2018 data aggregating the economic and community benefits delivered by the state’s hospitals, including more than 154,000 jobs.

“The health of New Jersey residents relies on both the economic underpinnings of good jobs and economic investments, along with commitment to community programs and social determinants of health,” said NJHA president and CEO Cathy Bennett. “New Jersey hospitals provide both, in abundance. They are anchor institutions that support the well-being of communities all across our state.”

The 2020 Economic Impact Report provides data gathered through 2018 N.J. Acute Care Hospital Cost Reports. In addition to statewide totals, the report also provides breakdowns by county and by individual hospital. Key findings include:

New Jersey hospitals recorded $24.7 billion in total expenditures in 2018, an increase of more than $1 billion from the 2017 total of $23.6 billion. Those expenditures ripple throughout state and local economies, including $3.7 billion in goods and services purchased from other businesses.

“Hospitals make sizeable contributions to their communities. In fact, looking at these two reports side by side shows that hospitals’ community benefit contributions represent 13 percent of their total economic activity,” said Sean Hopkins, senior vice president of NJHA’s Center for Health Analytics, Research and Transformation.

New Jersey Hospital Association (NJHA), 760 Alexander Road, Box 1, Princeton 08543. 609-275-4000. Cathy Bennett, president & CEO. www.njha.com.

Management Moves

Princeton Mercer Regional Chamber of Commerce, 600 Alexander Road, Suite 3-2, Princeton 08540. 609-924-1776. Peter Crowley, CEO. www.princetonmercerchamber.org.

The Princeton Mercer Regional Chamber of Commerce has hired Warrie Howell as director of events.

Her responsibilities will include managing and directing the chamber’s signature events, in addition to working with the Convention & Visitors Bureau, Disney Leadership Program and exploring new event opportunities.

“Warrie’s prior chamber experience coupled with her expertise and insight of managing her own event business, complements the outstanding staff of the chamber,” said Brenda Ross-Dulan, chair of the Princeton Mercer Regional Chamber.

“We look forward to the expertise Warrie brings that will assist us in our promise of building a better-connected business community for our region,” said Peter Crowley, CEO of the Princeton Mercer Regional Chamber.

Acquisition

Trac Intermodal (IPX), 750 College Road East, Princeton 08540. 609-452-8900. Steve Rubin, COO. www.tracintermodal.com.

Stonepeak Infrastructure Partners is buying TRAC Intermodal and its subsidiaries from investment funds managed by an affiliate of Fortress Investment Group LLC. The transaction will provide TRAC with a new sponsor and support for future growth. TRAC’s existing management team will continue to run the business in their current capacities.

TRAC operates a fleet of marine chassis, which are devices that allow trucks to carry shipping containers from seagoing vessels

TRAC currently operates 180,000 marine chassis nationwide and has a broad operating footprint of more than 650 locations. TRAC subsidiaries offer nationwide tire and parts supply through TRAC Tire Services, emergency fleet roadside assistance through FYX, and maintenance, repair, and depot solutions through TRAC Services.

“We are excited to have Stonepeak as our new sponsor,” says Jennifer Polli, president and CEO at TRAC. “We welcome the operational and capital support that Stonepeak will provide. Their deep experience and relationships in North America will help fuel our continued growth and reinforce our industry leadership position in providing the highest quality products, reliable equipment and best-in-class customer service to the marine intermodal and transportation industries.”

“Stonepeak is pleased to partner with TRAC Intermodal to build upon its position as an industry leading critical intermodal infrastructure provider. Our focus will be on continuing to provide TRAC’s customer base with best-in-class service solutions while also pursuing new commercial opportunities across the value-chain through our industry relationships,” said Luke Taylor, executive committee member, and James Wyper, senior managing director, both of Stonepeak.

Deaths

Howard M. Berger, 77, on February 17. He was the proprietor of Building Maintenance Systems in Hamilton and was involved in many organizations.

William Joseph Byrne, 21, on February 11. He was a graduate of Ewing High School, and was close to finishing his associate’s degree in horticulture at Mercer County Community College and was employed at Four Paws Inc. in Morrisville.

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