AVMA summit addresses improving veterinary economic climate
Salaries are climbing and employment is strong, economists find.
The American Veterinary Medical Association (AVMA) held its annual Economics Summit on Oct. 21 in Chicago. Research conducted by the AVMA and outside economists finds that salaries are climbing, employment is strong and the debt-to-income ratio for veterinary school graduates is holding steady, according to an association release.
Starting salaries for the profession have grown to an average of about $70,000, while unemployment is about 4 percent. The debt-to-income ratio of graduating students is 2:1, the release states.
While all of this is an indicator of a positive economic climate, more information is needed in the area of how consumer income and the price of veterinary care affect consumer demand for veterinary services, according to the AVMA. Those present at the summit agreed that the profession has an opportunity and ability to increase the demand for veterinary services, the release states.
From here, the AVMA Economics Division, the AVMA's Veterinary Economics Strategy Committee and its research partners will focus on analyzing consumer demand characteristics in the veterinary market, the AVMA says.
