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Miami-Fort Lauderdale-Miami Beach, FL

Miami-Fort Lauderdale-Miami Beach, FL
Q2 2010 - Market Summary

The near-term demand for health care workers in the South Florida metropolitan area improved during the second quarter of 2010. Of particular note, despite recent concerns over its financial stability, the Jackson Health System announced that plans for its new Jackson South Community Hospital are still on track with approximately 80 new hires on deck. National Health Holding Corp also added 40 new jobs at its Boca Raton headquarters. And Cleveland Clinic announced that it plans to start construction on a 9,750-square-foot expansion of its offices in West Palm Beach’s CityPlace Tower.

On a comparative basis, the South Florida health care labor market outperformed many other areas of the country during Q2, registering an LMPI score of 51.8, up 41% from the prior quarter, and compared to the national composite of 58.6, which was up 18% from the prior quarter.



Q2 Workforce Announcements

National Healing hiring 40 in Boca Raton. June 17, 2010
 National Healing Holding Corp. is adding 40 jobs at its Boca Raton headquarters after receiving assistance from the Business Development Board of Palm Beach County. The company provides management services and technology for wound healing to hospitals.
http://southflorida.bizjournals.com/southflorida/stories/...

Jackson South Hospital expansion still on track. April 27, 2010
Despite recent concerns over the financial stability of the Jackson Health System, plans for the new Jackson South Community Hospital still are on track. There will be greater access to medical services locally, and they will be hiring approximately 80 people in addition to the 700 they already employ there.
http://www.miamiherald.com/2010/04/27/1600883/jackson...

Cleveland Clinic Florida earns $22M, expanding. April 21, 2010
Cleveland Clinic plans to start construction on a 9,750-square-foot expansion of its offices in West Palm Beach’s CityPlace Tower. It occupies 16,840 square feet and has 45 employees there. The expansion will include 20 more employees, with added space for internal medicine, pulmonary medicine, sports medicine and diagnostic testing.
http://southflorida.bizjournals.com/southflorida/stories/...

Layoffs Begin At Jackson; More Than 500 Lose Jobs. April 14, 2010
The bad news has started for employees of Jackson Memorial Hospital. Hundreds of employees were told Wednesday they will be bumped from their current positions to lower paying jobs, while others were told they would be losing their jobs altogether. The layoffs come as Miami-Dade’s public hospital works desperately to stem the flow of red ink by cutting costs.
http://cbs4.com/local/Jackson.Memorial.Hospital.2....

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 Miami-Fort Lauderdale-Miami Beach 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 Miami-Fort Lauderdale-Miami Beach 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 Miami-Fort Lauderdale-Miami Beach market.

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

Additional Factors Influencing HWS Labor Market PulseTM Index

  • U.S. Census Bureau Population 5,414,772, #7 largest market
  • U.S. Census Bureau Population #105 oldest market
  • U.S. Census Bureau Population Growth 8.1%, #167 fastest growing market
   

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