Washington-Arlington-Alexandria, DC-VA-MD-WV
Washington-Arlington-Alexandria, DC-VA-MD-WV
Q1 2011 - Market Summary
The near-term demand for health care workers in the Washington D.C. metropolitan area held steady during the 1st quarter of 2011. Of particular note during the quarter, Holy Cross Hospital received permission form the Maryland Health Care Commission to begin two construction projects including a controversial new hospital in Germantown. The Commission rejected rival Adventist HealthCare’s proposal to build a facility six miles north in Clarksburg.
On a comparative basis, the strength of the DC health care labor market fell slightly from the prior quarter and remained just under the national composite. Its Q1 LMPI score of 45.6 was down 7% from the prior quarter and just under the national composite of 51.5 for the quarter.
Q1 Workforce Announcements
Holy Cross Hospital plan for Montgomery County hospital approved. January 21, 2011
The Maryland Health Care Commission granted permission Thursday to Holy Cross Hospital to begin two construction projects worth more than $431 million, including a hotly contested new hospital in Germantown. The commission rejected rival Adventist HealthCare’s proposal to build a facility about six miles north in Clarksburg.
http://www.bizjournals.com/washington/breaking_ground/2011/01/holy-cross-hospital-plan-for.html
http://holycrosshealth.netreturns.biz/NewsReleases/Article_Detail.aspx?id=22c5455d-c048-4984-98b4-cea8e0caf26b
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
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 Washington-Arlington-Alexandria, DC-VA-MD-WV 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 Washington-Arlington-Alexandria, DC-VA-MD-WV 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 Washington-Arlington-Alexandria, DC-VA-MD-WV market.
Source: www.bls.gov accessed 3/29/2011
Additional Factors Influencing HWS Labor Market PulseTM Index
- U.S. Census Bureau Population 5,358,130, #9 largest market
- U.S Census Bureau Population #170 oldest market
- U.S. Census Bureau Population Growth 11.7%, #105 fastest growing market
- Executive Summary
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