The Capital Health construction projects will create approximately 4,700 full-time jobs and provide an economic stimulus of nearly $1.7 billion during the construction period. Once construction is completed, the project will support an additional 2,200 jobs in the community and provide an annual economic benefit of close to $425 million.

This FHA-insured project is also backed by the full faith and credit guarantee of a Ginnie Mae mortgage-backed security. Ginnie Mae is a wholly-owned government corporation within the US Department of Housing and Urban Development.

All patients in the proposed 237-bed hospital will have private rooms for greater comfort and improved care. The six-story patient tower will be linked by a five-story atrium to a 320,000-square-foot, six-story building that will house physician offices.

Stockholm-based Skanska won a $134 million contract to build the facility. Construction industry sources say it is too early to mark this contract as the beginning of a possible industry rebound. However, they note Capital Health has set aside another $117 million for expansion purposes after the new hospital is completed in October 2011.