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Tampa-St. Petersburg-Clearwater, FL

Tampa-St. Petersburg-Clearwater, FL
Q1 2011 - Market Summary



The near-term demand for health care workers in the Tampa Bay metropolitan area was off notably from the prior quarter but remained stronger than much of the rest of the country during Q1 2011. Of particular note, work is now under way on the largest construction project at Sarasota Memorial Hospital in half a century, that includes a nine-story tower, expected to be completed in 2013. In all, over $800 million in health care construction projects are under way throughout the area.

On a comparative basis, the strength of the Tampa Bay health care labor market, as measured by the HWS LMPI, was down 32% from the prior quarter (Q1 2011 LMPI score of 58.7 vs. 85.9 in Q4 2010), yet remained above the national composite of 51.5.

Please note that the Q4 2010 totals have been slightly revised.



Q1 Workforce Announcements

Health care building booms, from Wesley Chapel to Sarasota. March 11, 2011
 More than $800 million in health care construction projects are under way throughout the Tampa Bay area.
http://www.bizjournals.com/tampabay/print-edition/2011/03/11/health-care-building-booms.html

Sarasota Memorial breaks ground on tower project. January 20, 2011
Work is under way on the largest construction job at Sarasota Memorial Hospital in half a century. The hospital is building “Courtyard Tower,” a nine-story structure that replaces the oldest wings of the hospital, adding more private rooms, a new courtyard entrance and redesigned lobby. The project is expected to be completed in 2013.
http://www.bizjournals.com/tampabay/news/2011/01/20/sarasota-memorial-breaks-ground.html
http://www.review.net/section/detail/sarasota-memorial-building-courtyard-tower/

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 Tampa-St. Petersburg-Clearwater, FL 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 Tampa-St. Petersburg-Clearwater, FL 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 Tampa-St. Petersburg-Clearwater market.

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

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
   

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