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Baltimore-Towson, MD

Baltimore-Towson, MD
Q2 2010 – Market Summary

The near-term demand for health care workers in the Baltimore area continued to improve during the 2nd quarter of 2010. Of particular note during the quarter, the University of Maryland Medical Center broke ground on a $176 million expansion of the R Adams Cowley Shock Trauma Center that will house 64 new and replacement critical care beds, 10 new operating rooms, and add 250 new employees.

On a comparative basis, the Baltimore health care labor market improved but remained slightly weaker than the rest of the country. Its Q2 2010 LMPI score of 51.5 was up 7% from the prior quarter but below the national composite of 58.6.


Q2 Workforce Announcements

Suburban Hospital expansion hits new stumbling block. June 21, 2010
 Suburban Hospital’s long-stalled plans to expand and update its Bethesda campus were dealt another blow Friday when a Montgomery County hearing examiner recommended that the Board of Appeals send the plans back to the hospital for further revisions, largely agreeing with neighborhood complaints. Suburban, which is part of Baltimore-based Johns Hopkins Medicine, wants to grow by 238,000 square feet so it can add 66 beds to its existing 238 and accommodate more modern medical technologies.
http://baltimore.bizjournals.com/baltimore/stories/2010/06/21/daily7.html

Hopkins bond sale to raise $150M for new hospital. May 21, 2010
Johns Hopkins Health System is going back to the bond market to help finance its new $1 billion East Baltimore hospital towers. When they open in February 2012, Hopkins’ new hospital towers will comprise about 1.6 million square feet in two 12-story buildings - one for cardiovascular and critical care, the other for pediatric services. The 10-year project is one of the largest hospital construction projects under way.
http://baltimore.bizjournals.com/baltimore/stories/2010/05/24/story15.html

Shock Trauma expansion begins, Ripken leads new $35M fundraising campaign. May 12, 2010
The University of Maryland Medical Center broke ground Thursday on a $176 million expansion of the R Adams Cowley Shock Trauma Center. The project will house 64 new and replacement critical care beds, and 10 new operating rooms, 250 employees are expected to be added to the University of Maryland Medical Center’s staff when the project is complete.
http://baltimore.bizjournals.com/baltimore/stories/2010/05/10/daily25.html

Previous market news

Hospitals and Health Systems

Source: US News & World Report

Education Program Expansions and Closures

No notable education program expansions and closures announced during Q2 2010.

Education Programs

Source: The Integrated Postsecondary Education Data System

Health of the Local Economy

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 Baltimore-Towson, MD market.

Source: www.census.gov accessed 6/28/2010

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 Baltimore-Towson, MD market.

Source: www.bls.gov accessed 6/28/2010

Additional Factors Influencing HWS Labor Market PulseTM Index

  • U.S. Census Bureau Population 2,667,117, #20 largest market
  • U.S. Census Bureau Population #121 oldest market
  • U.S. Census Bureau Population Growth 4.5%, #235 fastest growing market
   

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