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Boston-Cambridge-Quincy, MA-NH

Boston-Cambridge-Quincy, MA-NH
Q1 2011– Market Summary




The near term demand for health care workers in Boston improved slightly during Q1 of 2011 with the announcement by Partners Healthcare of its plans for construction and upgrades. Partners is planning expanded oncology and emergency services at Massachusetts General Hospital and a new 132-bed facility to replace the existing Spaulding Rehab Hospital.

On a comparative basis, the Boston health care labor market strengthened during Q1 as measured by its Q1 LMPI score of 47.1, up 13% from the prior quarter and but still slightly lower than the national composite of 51.5.



Q1 Workforce Announcements

Partners Healthcare targeting billions for construction, capital upgrades. January 20, 2011
 Partners Healthcare, the state’s largest network of hospitals and physicians practices, disclosed in a recent bond-offering statement that it intends to spend approximately $3.1 billion on construction and other capital upgrades over the next five years. Among those efforts is the planned construction of a 500,000-square-foot oncology and emergency-services building at Massachusetts General Hospital as well as a new 132-bed facility in place of the existing Spaulding Rehabilitation Hospital in Charlestown.
http://www.bizjournals.com/boston/real_estate/2011/01/partners-healthcare-targets-billions.html

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 2011.

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 Boston-Cambridge-Quincy, MA-NH market.

Source: http://www2.standardandpoors.com accessed 3/29/2011

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 Boston-Cambridge-Quincy, MA-NH market.

Source: www.census.gov accessed 3/29/2011

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 Boston-Cambridge-Quincy, MA-NH market.

Source: www.bls.gov accessed 3/29/2011

Additional Factors Influencing HWS Labor Market PulseTM Index

  • U.S. Census Bureau Population 4,522,858, #10 largest market
  • U.S Census Bureau Population 119th oldest market
  • U.S. Census Bureau Population Growth 3%, #264 fastest growing market

   

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