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New York-Northern New Jersey–Long Island, NY

New York-Northern NJ-Long Island, NY
Q1 2010 - Market Summary

The near-term demand for health care workers in the New York metropolitan area dropped considerably during the first quarter. Of particular note, it was announced that New York City’s public hospitals will be forced to cut 3,900 jobs over the next two years, a tenth of its workforce, if state budget cuts go through. In addition, St. Vincent’s Hospital Manhattan began to lay off 300 in a last ditch effort to survive and Christ Hospital in Jersey City announced plans to lay off 60.

On a comparative basis, the New York health care labor market continues to weaken compared to the rest of the country, with a Q1 LMPI score of 22.6, down 49% from Q4 and compared to the national composite index of 49.9 for the quarter.



Q1 Workforce Announcements

Hospitals Chief Expects to Cut 3,900 Jobs. March 25, 2010
New York City’s public hospitals will be forced to cut 3,900 jobs over two years - a tenth of the work force - if state budget cuts go through. Health and Hospitals Corporation said they expected to have to reduce the work force by 2,600 employees over the next fiscal year, in addition to cutting 1,300 through the fiscal year ending June 30.
http://www.nytimes.com/2010/03/26/nyregion/26hospitals.html

60 to be laid off at Christ Hospital in Jersey City. March 28, 2010
Christ Hospital in Jersey City plans to lay off at least 60 employees. A shortfall in admissions at the hospital would have resulted in a loss of $12 million to $14 million by the end of the year. Through layoffs and attrition, the hospital expects to shed 100 full-time positions.
http://www.nj.com/hudson/index.ssf/2010/03/post_71.html

North General looks for survival solutions. March 1, 2010
Over the past weeks, North General Hospital has tried to work out solutions that will allow it to continue to serve its Harlem neighborhood. The hospital has been in deep financial trouble for months. But more recently, it solicited interest from a wide variety of health care facilities about partnerships, divestitures and outsourcing arrangements.
http://www.crainsnewyork.com/article/20100301/PULSE/100229903

Troubled NYC hospital begins layoffs. February 13, 2010
New York City’s last Catholic general hospital has begun laying off more than 300 workers in a last ditch effort to keep its doors open. St. Vincent’s Hospital Manhattan has been a West Village institution for 160 years, but is now in desperate financial straights and has begun laying off more than 300 workers in a last ditch effort to keep its doors open. It also asked its remaining staff Friday to take pay cuts of up to 25 percent.
http://www.wcax.com/Global/story.asp?S=11980906

Health care group protests proposed state cuts. February 11, 2010
ifty-one nursing homes and 29 hospitals across the state have closed since 2000, and Gov. David Paterson’s proposed $1 billion in taxes and cuts to providers would lead to more closures and thousands of lost jobs, according to health care groups. The impact would total $19.3 million for hospitals in the Rochester region, $9.9 million for those in western New York and $16.4 million on those in the northern suburbs of New York City. Forty percent of hospitals froze or cut wages in 2009, 31.8 percent implemented hiring freezes, 25.8 percent had layoffs or eliminated positions and 34.8 percent scaled back capital projects.
http://www.pressconnects.com/article/20100211/NEWS01/...

Job shortage replaces nurse shortage. January 12, 2010
For years, health planners have lamented the shortage of nursing school graduates and have poured funds into job-training programs. But according to a survey released Friday by the Center for Health Workforce Studies in Albany, New York’s nursing schools are turning out more registered nurses, but those newly minted nurses are having a harder time finding employment.
http://www.crainsnewyork.com/article/20100112/PULSE/100119980

Previous market news


Hospitals and Health Systems

Source: US News & World Report



Education Program Expansion and Closures

No notable program education expansions or closures 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 New York-Northern NJ-Long Island, NY 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 New York-Northern NJ-Long Island, NY 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 New York-Northern NJ-Long Island, NY market.

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

Additional Factors Influencing HWS Labor Market PulseTM Index

  • U.S. Census Bureau Population 19,006,798, #1 largest market
  • U.S. Census Bureau Population #137 oldest market
  • U.S. Census Bureau Population Growth 3.7%, #248 fastest growing market


   

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