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Baltimore-Towson, MD

Baltimore-Towson, MD
Q2 2011 – Market Summary

Despite new growth announcements, the near-term demand for health care workers in the Baltimore metropolitan area slowed during the second quarter of 2011, after a particularly strong first quarter. Of note were St. Agnes’s completed new hospital tower, coming in under budget, and St. Agnes’s announcement expanding its Baltimore campus due to growing cancer and cardiovascular programs.

Overall, the Baltimore health care labor market weakened during Q2 compared to the much of the rest of the country, registering an LMPI score of 47.1, down 35% from the prior quarter vs. the national composite index of 49.9, down 14% from the prior quarter.


Q2 Workforce Announcements

St. Agnes cut about $47M off new hospital tower cost. May 20, 2011
Like many aging hospitals in Greater Baltimore, St. Agnes Hospital has taken on some major capital projects. Its latest, a new 200,000-square-foot patient tower meant to give the 140-year-old hospital a facelift, opened in May. However, the project didn’t cost as much as initially projected. The savings came from using cheaper products and local vendors as well as keeping the design of the patient rooms consistent. With design elements like a curved hallway to maximize space, the hospital saved 30 percent of the building costs of the hallway’s walls. The new patient tower, which houses 120 private rooms, was built using a process called Lean Management - first used by automaker Toyota that has most recently spread to the health care industry.
http://www.bizjournals.com/baltimore/print-edition/2011/05/20/st-agnes-cut-about-47m-off-new.html

Saint Agnes embarks on latest piece of campus expansion. April 8, 2011
Saint Agnes Hospital is planning a new 60,000-square-foot medical office building on its Baltimore campus to house the hospital’s growing cancer and cardiovascular programs. The programs are treating more patients and employing new equipment which requires space like TomoTherapy, a device for treating cancer patients with radiation therapy. The new building will boost the Cancer Institute’s capacity by 40 percent.
http://www.bizjournals.com/baltimore/print-edition/2011/04/08/saint-agnes-embarks-on-latest-piece-of.html

Previous market news

Hospitals and Health Systems

Source: US News & World Report

Education Program Expansions and Closures

No notable education program expansions and closures announced during Q2 2011.

Education Programs

Source: The Integrated Postsecondary Education Data System

Health of the Local Economy

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 Baltimore-Towson, MD market.

Source: www.census.gov accessed 7/7/2011

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 Baltimore-Towson, MD market.

Source: www.bls.gov accessed 7/7/2011

Additional Factors Influencing HWS Labor Market PulseTM Index

  • U.S. Census Bureau Population 2,667,117, #20 largest market
  • U.S. Census Bureau Population #121 oldest market
  • U.S. Census Bureau Population Growth 4.5%, #235 fastest growing market


   

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