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New York-Northern New Jersey–Long Island, NY

New York-Northern NJ-Long Island, NY
Q1 2011 - Market Summary



The near term demand for health care workers in the New York metro area continued to improve during the first quarter of 2011. Of particular note during the quarter, a health facility with emergency care will open in Greenwich Village after a deal was struck among Saint Vincent Catholic Medical Centers, the North Shore-LIJ Health System and the Rudin family. Plans call for a neighborhood medical complex as part of a proposed redevelopment project that is expected to treat more than 72,000 patients annually and employ 300 people.

On a comparative basis, the New York metro health care labor market remained slightly weaker than much of the rest of the country but continued to improve. Its Q1 LMPI score of 47.5 was up 7% from the prior quarter and compared to the national composite of 51.5.



Q1 Workforce Announcements

ER facility to open at former St. Vincent’s site. March 10, 2011
 A health facility with emergency care will open in Greenwich Village after a deal was struck among Saint Vincent Catholic Medical Centers, the North Shore-LIJ Health System and the Rudin family. Plans call for a neighborhood medical complex as part of a proposed redevelopment project. The facility is expected to treat more than 72,000 patients annually and employ 300 people.
http://www.crainsnewyork.com/article/20110310/REAL_ESTATE/110319998

Atlantis Health Plan slashes staff by 25%. February 24, 2011
Atlantis Health Plan will lay off 25 workers, or about a quarter of its full-time staff, it revealed this week. The Manhattan company, which mostly insures small businesses, is in the process of restructuring after a cash infusion from a new investor earlier this year.
http://www.crainsnewyork.com/article/20110224/FREE/110229938

Previous market news

Hospitals and Health Systems

Source: US News & World Report

Education Program Expansion and Closures

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

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

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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