Tampa-St. Petersburg-Clearwater, FL
The near-term demand for health care workers in the Tampa metropolitan area continued to strengthen during the first quarter of 2010 and the number of workers required to meet announced expansion plans will likely exceed the number of announced positions eliminated or deferred.
Of note during the quarter, Morton Plant North Bay Hospital expanded its New Port Richey campus, adding a three-story patient tower and a physician office building. The expansion is part of a $49 million project that doubled the size of the campus and increased the number of patient beds by 25 percent to 154. Also of note, Adventist Health System and University Community Health announced the signing of a non-binding letter of intent to explore a possible merger of the two systems. The merger potentially could be completed this summer, pending completion of due diligence and any regulatory review.
On a comparative basis, the Tampa health care market remains stronger than most of the other major metropolitan areas across the country registering an LMPI score of 81.1 for Q1 2010, compared to the national composite index of 49.9, and up 15% from the prior quarter.
Q1 Workforce Announcements
University Community Health, Adventist Health explore merger. March 31, 2010
Adventist Health System and University Community Health have signed a non-binding letter of intent to explore a possible merger of the two systems. The merger potentially could be completed this summer, pending completion of due diligence and any regulatory review, said Norm Stein, president and chief executive officer of UCH.
http://tampabay.bizjournals.com/tampabay/stories/2010/03/29/daily35.html
Hospital jobs infuse health into economy. February 26, 2010
The first new hospital in Hillsborough County in 30 years offers as much a cure for the area’s economy as it does for ailing patients. Nearly 500 workers have now been hired to staff St. Joseph’s Hospital-North. Fewer than half of the hospital’s 108 beds currently are open. As more units open, the hospital will add staff.
http://tampabay.bizjournals.com/tampabay/stories/2010/03/01/story1.html
Morton Plant North Bay doubles size. February 26, 2010
Morton Plant North Bay Hospital has expanded its New Port Richey campus, adding a three-story patient tower and a physicians office building. The expansion is part of a $49 million project that doubled the size of the campus and increased the number of patient beds by 25 percent to 154.
http://tampabay.bizjournals.com/tampabay/stories/2010/02/22/daily52.html
Hospitals and Health Systems
Source: US News & World Report
Education Program Expansion and Closures
No notable education program expansions or closures in 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 Tampa-St. Petersburg-Clearwater, FL 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 Tampa-St. Petersburg-Clearwater, FL 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 Tampa-St. Petersburg-Clearwater market.
Source: www.bls.gov accessed 3/18/2010
Additional Factors Influencing HWS Labor Market PulseTM Index
- U.S. Census Bureau Population 2,733,761, #19 largest market
- U.S. Census Bureau Population #18 oldest market
- U.S. Census Bureau Population Growth 14.1%, #82 fastest growing market
- Executive Summary
- Atlanta-Sandy Springs-Marietta, GA
- Baltimore-Towson, MD
- Boston-Cambridge-Quincy, MA-NH
- Charlotte-Gastonia-Concord, NC-SC
- Chicago-Naperville-Joliet, IL
- Cleveland-Elyria-Mentor, OH
- Dallas-Ft. Worth-Arlington, TX
- Denver-Aurora, CO
- Detroit-Warren-Livonia, MI
- Houston-Baytown-Sugar Land, TX
- Kansas City, MO-KS
- Las Vegas-Paradise, NV
- Los Angeles-Long Beach-Santa Ana, CA
- Miami-Fort Lauderdale-Miami Beach, FL
- Minneapolis-St. Paul-Bloomington, MN-WI
- New York-Northern New Jersey–Long Island, NY
- Orlando-Kissimmee, FL
- Philadelphia-Camden-Wilmington, PA, NJ, DE, MD
- Phoenix-Mesa-Scottsdale, AZ
- Pittsburgh, PA
- Portland-Vancouver-Beaverton, OR-WA
- Riverside-San Bernardino-Ontario, CA
- Sacramento-Arden-Arcade-Roseville, CA
- San Diego-Carlsbad-San Marcos, CA
- San Francisco-Oakland-Fremont, CA
- San Jose-Sunnyvale-Santa Clara, CA
- Seattle-Bellevue-Everett, WA
- St. Louis, MO-IL
- Tampa-St. Petersburg-Clearwater, FL
- Washington-Arlington-Alexandria, DC-VA-MD-WV