Las Vegas-Paradise, NV
Las Vegas-Paradise, NV
Q1 2011 - Market Summary
The near term demand for health care workers in the Las Vegas metro area declined during the first quarter despite relatively little news. Of note, the Nevada Cancer Institute announced a need to layoff 30 more employees due to the economy.
On a comparative basis, the Las Vegas health care labor market weakened as shown by its Q1 LMPI score of 43.7, down 17% from Q4 and below with the national composite of 51.5
Q1 Workforce Announcements
Economy forces Nevada Cancer Institute to lay off staff. March 21, 2011
For the second time in less than three years, the Nevada Cancer Institute is laying off staff. They announced that a miserable economy has made it necessary for 30 members of the institute’s support staff to be laid off.
http://www.lvrj.com/news/economy-forces-nevada-cancer-_nstitute-to-lay-off-staff-118406589.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 Las Vegas-Paradise, NV 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 Las Vegas-Paradise, NV 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 Las Vegas-Paradise, NV market.
Source: www.bls.gov accessed 3/29/2011
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
- Executive Summary
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