Dallas-Fort Worth-Arlington, TX
Dallas-Fort Worth-Arlington, TX
Q1 2011 - Market Summary
The near term demand for health care workers in the Dallas-Ft Worth metropolitan area dropped slightly during Q1 2011. Of particular note during the quarter was the announcement that Forest Park Medical Centers plans to add new locations including Fort Worth, adding 400 jobs.
On a comparative basis, the strength of the DFW health care labor market remained inline with much of the rest of the country despite weakening by 4% from the prior quarter as measured by its Q1 LMPI score of 51.7 (vs. the Q4 national composite of 51.5).
Q1 Workforce Announcements
Forest Park adding new facilities. March 4, 2011
The developer, doctors and management company behind Forest Park Medical Centers in Dallas and Frisco, Neal Richards, plan to add locations in Southlake, Fort Worth and San Antonio, with much of the construction expected to begin by the end of the year. Each of the medical complexes, which will cost between $75 million and $125 million to build, will bring about 400 jobs to the respective cities.
http://www.bizjournals.com/dallas/print-edition/2011/03/04/forest-park-adding-new-facilities.html
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 Dallas-Fort Worth-Arlington, TX 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 Dallas-Fort Worth-Arlington, TX 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 Dallas-Fort Worth-Arlington, TX market.
Source: www.bls.gov accessed 3/29/2011
Additional Factors Influencing HWS Labor Market PulseTM Index
- U.S. Census Bureau Population 6,300,006 #4 largest market
- U.S. Census Bureau Population #304 oldest market
- U.S. Census Bureau Population Growth 22.1%, #32 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-Fort 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