Seattle-Bellevue-Everett, WA
Seattle-Bellevue-Everett, WA
Q2 2010 - Market Summary
The near term demand for health care workers in the Seattle metropolitan area slowed notably during Q2 2010 after a spike in Q1. Expansions announced this quarter were considerably smaller compared to last quarter. It was announced that Swedish Hospital has started a 15-bed expansion on the neonatal intensive care unit, family lounge, and educational center. MultiCare in Pierce County also announced expansions in their Bonney Lake and Puyallup offices. Valley General Hospital also announced they will be cutting 12 jobs in order to cut costs.
Comparatively, the Seattle health care labor market dropped much more than the rest of the country during Q2, registering an LMPI score of 51.3 vs. the national composite of 58.6, down 41% from the prior quarter.
Q2 Workforce Announcements
MultiCare expanding in Pierce County. May 24, 2010
MultiCare Good Samaritan Hospital announced expansion plans in Pierce County. The hospital, which is part of Tacoma-based MultiCare, plans to build a new three-story, 58,500-square-foot medical in Bonney Lake that it said should open in the summer of 2011. It also plans to build a four-story, 83,700-square-foot medical office building in Puyallup.
http://seattle.bizjournals.com/seattle/stories/2010/05/24/daily8.html
Swedish to expand with $3.7M neonatal unit. April 20, 2010
Swedish hospital group said it has started building a $3.7 million expansion of the neonatal intensive care unit. The expansion will include 15 neonatal intensive care beds, a family lounge and a staff educational center. They will be hiring 25 new employees to work in the expanded neonatal intensive care unit.
http://seattle.bizjournals.com/seattle/stories/2010/04/19/daily13.html
Monroe hospital cuts 12 workers. April 8, 2010
Valley General Hospital is cutting 12 jobs and considering other steps to cut costs. The job cuts, announced Wednesday, represent about 2.3 percent of its work force of 506 full- and part-time employees.
http://www.heraldnet.com/article/20100408/NEWS01/704089913
Hospitals and Health Systems
Source: US News & World Report
Education Program Expansion and Closures
Seattle Central floats idea for $40M health center. April 2, 2010
Seattle Central Community College wants to build a new $40 million regional health education center near its main campus in the Capitol Hill neighborhood. If built, the center would focus on professional training for applied health sciences, including nursing, global health and technical fields.
http://seattle.bizjournals.com/seattle/stories/2010/04/05/story4.html
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 Seattle-Bellevue-Everett 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 Seattle-Bellevue-Everett 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 Seattle-Bellevue-Everett market.
Source: www.bls.gov accessed 6/28/2010
Additional Factors Influencing HWS Labor Market PulseTM Index
• U.S. Census Bureau Population 3,344,813, #15 largest market
• U.S. Census Bureau Population #168 oldest market
• U.S. Census Bureau Population Growth 9.9%, #139 fastest growing market
- Executive Summary
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