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New York-Northern New Jersey–Long Island, NY

New York-Northern NJ-Long Island, NY
Q2 2010 - Market Summary

After a weak first quarter, the near-term demand for health care workers in the New York metro area has continued to decline during Q2 2010. The index has been significantly impacted by the announcement of more layoffs and the closing of St. Vincent’s Hospital in Manhattan, as well as 500 layoffs next year by the Health and Hospitals Corporation, with more layoffs to come over the next 5 years.

Comparatively, the New York metro area health care labor market had one of the slowest quarters relative to much of the rest of the country, particularly after a slow Q1 in 2010. Its LMPI score of 19.3, was down 15% from the prior quarter, and compared negatively to the national composite of 58.6, up 18% from the prior quarter.



Q2 Workforce Announcements

HHC Head Announces Plan To Layoff 500 Workers. May 11, 2010
Health and Hospitals Corporation President Alan Aviles says there will be at least 500 layoffs next year and another 500 jobs cut through attrition.  Over five years, there would be 3,700 job reductions. However, those cuts only affect employees of the Health and Hospitals Corporation.
http://www.ny1.com/content/news_beats/politics/118475/hhc-head-announces-plan-to-layoff-500-workers/

St. Vincent’s Hospital closes for good. April 30, 2010
St. Vincent’s Hospital, a 160-year institution in Manhattan’s Greenwich Village, closed for good Friday after months of feuding and years of financial struggles.
http://www.crainsnewyork.com/article/20100430/FREE/100439988

Layoffs Announced at St. Vincent’s. April 19, 2010
More than 1,000 staff members were laid off on Monday at the bankrupt St. Vincent’s Hospital Manhattan.
http://cityroom.blogs.nytimes.com/2010/04/19/lawsuit-aims-to-keep-st-vincents-open/

Previous market news

Hospitals and Health Systems

Source: US News & World Report

Education Program Expansion and Closures

Two-year college opening new campus downtown. May 21, 2010
Mildred Elley, based in Albany, N.Y., is opening a 42,000-square-foot branch offering health sciences and nursing programs. The Mildred Elley New York City Metro campus will offer associates degrees in occupational studies for medical assistants and certificate programs for nurses, clinical medical assistants and medical office assistants. There are 100 students enrolled to start next week, with an additional 75 students expected to enroll every eight weeks. Total enrollment by year’s end is expected to be more than 350 students, reaching 560 students by 2015.
http://www.crainsnewyork.com/article/20100521/FREE/100529959

Hofstra gets OKs to open medical school. June 10, 2010
In a partnership with North Shore-Long Island Jewish Health System, the Long Island university has received necessary approvals from the state and from national accrediting organizations and is opening a medical school in 2011. The first class will be 40 students, but will grow to 100 once everything is up and running.
http://www.crainsnewyork.com/article/20100610/FREE/100619984

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 New York-Northern NJ-Long Island, NY 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 New York-Northern NJ-Long Island, NY 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 New York-Northern NJ-Long Island, NY market.

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

Additional Factors Influencing HWS Labor Market PulseTM Index

  • U.S. Census Bureau Population 19,006,798, #1 largest market
  • U.S. Census Bureau Population #137 oldest market
  • U.S. Census Bureau Population Growth 3.7%, #248 fastest growing market
   

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