Boston-Cambridge-Quincy, MA-NH
Boston-Cambridge-Quincy, MA-NH
Q2 2010 – Market Summary
The demand for health care workers in the Boston metropolitan area remained steady during the 2nd quarter of 2010. Of particular note during the quarter, Lowell General Hospital began a $95 million expansion project that is expected to pump $200 million into the local economy and add 160 new jobs. Also notable during the quarter was Boston Medical Center’s announcement that it will consolidate two of its emergency departments in July that will result only result in minor job loss but save the hospital an estimated $2.5 million a year.
On a comparative basis, the strength of the Boston health care labor market held steady for Q2. Its LMPI score of 47.1 for Q2 2010, up 1% from the prior quarter, compares to the national composite index of 58.6, up 18% from the prior quarter.
Q2 Workforce Announcements
QMC workers agree to pay cut. June 18, 2010
A union that represents nearly 500 service workers at Quincy Medical Center has agreed to a temporary wage reduction of 2 percent.
http://boston.bizjournals.com/boston/blog/mass_roundup/...
BMC to close one of two ERs. June 10, 2010
Boston Medical Center will consolidate its two emergency departments next month, saving the hospital an estimated $2.5 million per year. BMC officials announced that most of the employees from the closing emergency department will be relocated to the remaining department. However, a handful of positions will be eliminated.
http://boston.bizjournals.com/boston/stories/2010/06/07/daily42.html
http://www.thebostonchannel.com/news/23859076/detail.html
Lowell General launches expansion. May 20, 2010
Lowell General Hospital has begun an ambitious, $95 million expansion project expected to pump $200 million into the local economy and provide as many as160 permanent jobs. Plans call for expanding the emergency and trauma centers to nearly three times their current size, and for adding more than 100 new beds and three operating rooms.
http://boston.bizjournals.com/boston/blog/mass_roundup/2...
Northeast Health eyes job cuts. May 7, 2010
Northeast Health System could cut 5 percent of its 1,900-employee workforce to close a budget gap.
http://boston.bizjournals.com/boston/blog/mass_roundup/...
Hospitals and Health Systems
Source: US News & World Report
Education Program Expansion 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
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 Boston-Cambridge-Quincy, MA-NH market.
Source: http://www2.standardandpoors.com accessed 6/28/2010
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 Boston-Cambridge-Quincy, MA-NH 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 Boston-Cambridge-Quincy, MA-NH market.
Source: www.bls.gov accessed 6/28/2010
Additional Factors Influencing HWS Labor Market PulseTM Index
- U.S. Census Bureau Population 4,522,858, #10 largest market
- U.S Census Bureau Population 119th oldest market
- U.S. Census Bureau Population Growth 3%, #264 fastest growing market
- Executive Summary
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