Cleveland-Elyria-Mentor, OH
Cleveland-Elyria-Mentor, OH
Q1 2010 – Market Summary
The near-term demand for health care workers in the Cleveland metropolitan area slipped notably during Q1 when compared to Q4 of 2009, but remained stronger than much of the rest of the country.
Of note during the quarter, Summa Health System announced plans to build two new full-service emergency departments and expand three existing emergency departments, the VA announced financing to consolidate its Brecksville campus into the Wade Park campus and then renovate and expand that campus, and the Cleveland Clinic outlined plans to spend an annual “all-time high” of $848 million on capital investments in 2010.
On a comparative basis, the Cleveland health care labor market is stronger than many major metropolitan areas across the country with an LMPI score of 49.3, compared to the national composite index of 49.9, despite a 34% drop from the prior quarter.
Q1 Workforce Announcements
Summa plans new emergency departments, targets Medina. March 10, 2010
Summa Health System announced plans to build two new full-service emergency departments and expand three existing emergency departments. The system will build new emergency departments at its Lake Medina campus, currently under construction, and in the city of Green. In addition, it will expand emergency departments at Summa Akron City Hospital. The Akron project will increase ER size to 75 beds from 43 beds.
http://www.cleveland.com/medical/index.ssf/2010/03/summa_plans…
http://www.medcitynews.com/2010/03/summa-health-system-to-...
Financing lined up for expansion of Cleveland’s Veterans Affairs hospital. February 26, 2010
A deal has been reached to finance the expansion of Cleveland’s Veterans Affairs hospital. The financing will go toward consolidating the hospital’s Brecksville campus into the Wade Park campus, then renovating and expanding that campus.
http://www.crainscleveland.com/article/20100226/FREE/100229878
Cleveland Clinic continues expansion, despite recession. February 25, 2010
Cleveland Clinic Chief Executive outlined plans to spend an annual “all-time high” of $848 million on capital investments in 2010, despite small signs that the recession is affecting the region’s largest health system. The planned investment would go toward construction projects ranging from renovations in six buildings on the main campus to an expansion at Huron Hospital to development in Abu Dhabi.
http://www.cleveland.com/medical/index.ssf/2010/02/cleveland…
http://www.medcitynews.com/2010/02/cleveland-clinic-to-spend...
Healthy growth plans. January 11, 2010
St. Vincent Charity Hospital announced plans to embark upon a comprehensive renovation plan that will modernize, integrate Cleveland institution. The project will take eight to 10 years to complete. Among other things, it will transform the St. Vincent Charity Hospital’s bed tower into private patient rooms, consolidate all radiology and MRI services in one building, and create a new entry to the hospital that will face downtown.
http://www.crainscleveland.com/article/20100111/FREE/301119970
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 Cleveland-Elyria-Mentor, OH 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 Cleveland-Elyria-Mentor, OH 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 Cleveland-Elyria-Mentor, OH market.
Source: www.bls.gov accessed 3/18/2010
Additional Factors Influencing HWS Labor Market PulseTM Index
- U.S. Census Bureau Population 2,08,291, #26 largest market
- U.S. Census Bureau Population #76 oldest market
- U.S. Census Bureau Population Growth -2.8%, #337 fastest growing market
- Executive Summary
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