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Las Vegas-Paradise, NV

Las Vegas-Paradise, NV
Q2 2011 - Market Summary

The near-term demand for health care workers in the Las Vegas metropolitan area improved considerably during the second quarter despite 160 layoffs at the Nevada Cancer Institute. On a positive note, Union Village in Henderson unveiled plans for a $1.5 billion health and retail campus that will be anchored by a hospital and senior retirement community.

On a comparative basis, the Las Vegas health care labor market is now stronger than much of the rest of the country. Its Q2 LMPI score of 61.3 was up 40% from the prior quarter compared to the national composite of 49.9, down 3%.


Q2 Workforce Announcements

Nevada Cancer Institute laying off staff, refining mission for future. April 8, 2011
The seven-year-old Nevada Cancer Institute has begun letting go up to 160 employees - about half of its staff - because of diminished revenue, an unavoidable financial adjustment which, its executives say, will lay the groundwork for a healthy future.
http://www.vegasinc.com/news/2011/apr/08/nevada-cancer-institute-laying-160-workers/

Henderson unveils plan for $1.5 billion health, retail campus. April 7, 2011
Union Village will be one of the nation’s first integrated health villages, a concept of a mixed-use development anchored by a hospital and senior retirement community. The 214-bed hospital would serve a dual purpose: Replace the more than 60-year-old Rose de Lima Campus at 102 E. Lake Mead Blvd. and help relieve overcrowding at the newer Siena Campus. The three-phase project is expected to bring in 4,000 to 6,000 construction jobs and an estimated 5,000 permanent jobs.
http://www.lasvegassun.com/news/2011/apr/07/henderson-announces-plans-works-15-billion-health-/

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 2011.

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 7/7/2011

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 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 Las Vegas-Paradise, NV market.

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

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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