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Las Vegas-Paradise, NV

Las Vegas-Paradise, NV
Q2 2010 - Market Summary

The near-term demand for health care workers in Las Vegas fell significantly during Q2. Of note, Universal Health Services (parent of Desert Springs Hospital) announced the layoff of 41 that it said weren’t related to its recent acquisition of several Nevada psychiatric hospitals. St. Rose Dominican also announced that it was eliminating 57 jobs as part of a restructuring.

Comparatively, the Las Vegas area health care labor market had a tough quarter relative to much of the rest of the country. Its LMPI score of 13.9, was down 73% from the prior quarter, and compared negatively to the national composite of 58.6, up 18% from the prior quarter.



Q2 Workforce Announcements

Las Vegas hospital lays off 41 workers. May 26, 2010
 A Pennsylvania-based health services company has laid off 41 employees at one of its five Las Vegas-area hospitals. A spokeswoman for Desert Springs Hospital said the job cuts aren’t related to the announcement last week that parent company Universal Health Services will spend $3.1 billion to buy several Nevada psychiatric hospitals.
http://www.cnbc.com/id/37355711

St. Rose cites economy in laying off 57 workers. March 31, 2010
St. Rose Dominican Hospitals on Wednesday said it eliminated 57 of its 3,500 jobs in Southern Nevada as part of a restructuring aimed at reducing costs.
http://www.lasvegassun.com/news/2010/mar/31/st-rose-hospitals-lay-57-workers/

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 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 Las Vegas-Paradise, NV 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 Las Vegas-Paradise, NV 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 Las Vegas-Paradise, NV market.

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

Additional Factors Influencing HWS Labor Market PulseTM Index

  • U.S. Census Bureau Population 1,865,746 #30 largest market
  • U.S. Census Bureau Population #183 oldest market
  • U.S. Census Bureau Population Growth 35.6%, #7 fastest growing market
   

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