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Las Vegas-Paradise, NV

Las Vegas-Paradise, NV
Q1 2010 - Market Summary

The near-term demand for health care workers in the Las Vegas metropolitan area continued to improve during the 1st quarter of 2010. Of particular note during the quarter, University Medical Center announced plans for a new 13,000-square-foot outpatient oncology clinic that will open in the fall, after suspending outpatient cancer treatment in November due to budget cuts.

On a comparative basis, the Las Vegas health care labor market improved compared to the rest of the country. With a Q1 2010 LMPI score of 51.5, the near-term demand for health care workers in Las Vegas is now growing faster than the national composite index of 49.9.



Q1 Workforce Announcements

Deal reached for new cancer clinic at UMC. March 17, 2010
Out-patient cancer treatment — ended at University Medical Center in November during budget cuts — should be available again later this year at Southern Nevada’s only public hospital. Plans were finalized for a new 13,000-square-foot outpatient oncology clinic to open this fall.
http://www.lvrj.com/news/deal-reached-for-new-cancer-clinic-at-umc-88287682.html

Clark County: Reid pursues ‘overhaul.’ January 5, 2010
Labor costs must be reduced, job-creating projects must get started, and the University Medical Center must change to a different business model if Clark County is to solve its financial problems. County Commission Chairman Rory Reid, who is running for governor, presented a plan he said would result in “sweeping changes to overhaul the way the county does business.” His plan gave broad-brush strategies such as negotiating with unions to cut labor costs, teaming up with the private sector to create jobs and eliminating redundancies in government.
http://www.lvrj.com/news/reid-pursues-overhaul-80686152.html?mobile=y

Previous market news



Hospitals and 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 Las Vegas-Paradise, NV 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 Las Vegas-Paradise, NV 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 Las Vegas-Paradise, NV market.

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

Additional Factors Influencing HWS Labor Market PulseTM Index

  • U.S. Census Bureau Population 1,865,746 #30 largest market
  • U.S. Census Bureau Population #183 oldest market
  • U.S. Census Bureau Population Growth 35.6%, #7 fastest growing market


   

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