Q1 2010 – Market Summary

The near-term demand for health care workers in the Chicago metropolitan area held steady during Q1 for the third consecutive quarter, despite an announcement by the University of Illinois at Chicago Medical Center that it was shelving its plans for an overhaul of the UIC campus.

Q1 Workforce Announcements

University of Illinois at Chicago Medical Center nixes $650-million hospital revamp. January 11, 2010
The University of Illinois Medical Center at Chicago is shelving plans for an overhaul of its campus. UIC has spent four years drafting plans for a $450-million patient tower as the centerpiece of a $650-million, five-year-long overhaul of its Near West Side campus.
http://www.chicagobusiness.com/cgi-bin/register.pl?bridge=1

Previous market news

Hospitals & Health Systems

Source: US News & World Report

Education Program Expansion and Closures

No notable education program expansions and closures announced during Q1 2010.

Education Programs

Source: The Integrated Postsecondary Education Data System

Health of the Local Economy

Declining home prices may cause healthcare employees to seek additional hours from current employers, delay retirement plans and be more willing to relocate for a better job opportunities. Below is the Case-Shiller Home Price Index for the overall Chicago-Naperville-Joliet market.

Source: http://www2.standardandpoors.com accessed 3/31/2010

Lower home ownership rates reduce the impact of home price fluctuations and increase the willingness of healthcare employees to relocate for better job opportunities. Below are home ownership rates for the overall Chicago-Naperville-Joliet market.

Source: www.census.gov accessed 3/18/2010

The recent rising unemployment rates create new demands for health services. Higher unemployment shifts the mix away from higher margin procedures to more primary care in the emergency room and critical care for conditions that should have been treated early at a primary care physician. In general, rising unemployment also reduces turnover and engagement of employed workers, while low unemployment tends to increase intra market churn. Below are unemployment rates for the overall Chicago-Naperville-Joliet market.

Source: www.bls.gov accessed 3/18/2010

Additional Factors Influencing HWS Labor Market Pulse^TM Index

• U.S. Census Bureau Population 9,569,624, #3 largest market
• U.S. Census Bureau Population 246th oldest market
• U.S. Census Bureau Population Growth 5.2%, #221 fastest growing market