Minneapolis-St. Paul-Bloomington, MN-WI
Minneapolis-St. Paul-Bloomington, MN-WI
Q2 2011 - Market Summary
The near-term demand for health care workers in the Twin Cities fell during Q2. Of note, Fairview Health announced headcount reductions of 240 although only 70 were considered layoffs.
On a comparative basis, the strength of the Twin Cities labor market weakened relative to the rest of the country during Q2. Its Q2 LMPI score of 43.4 was down10% from the prior quarter and lower than the national composite of 49.9, down 3% from the prior quarter.
Q2 Workforce Announcements
Fairview Health cutting 240 jobs. May 26, 2011
Fairview Health Services is reducing its headcount by 240 this month in response to operating losses in the first quarter and uncertainty surrounding health care funding from the state of Minnesota.
Only 70 of the jobs being cut are considered layoffs. The rest are positions that are being left open after retirement and normal attrition,
http://www.bizjournals.com/twincities/news/2011/05/26/fairview-cutting-240-jobs.html
Hospitals and Health Systems
Source: US News & World Report
Education Program Expansion and Closures
No notable education program expansion and closures announced in 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 Minneapolis-St. Paul-Bloomington, MN-WI 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 Minneapolis-St. Paul-Bloomington, MN-WI 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 Minneapolis-St. Paul-Bloomington, MN-WI market.
Source: www.bls.gov accessed 7/7/2011
Additional Factors Influencing HWS Labor Market PulseTM Index
- U.S. Census Bureau Population 3,229,878, #16 largest market
- U.S. Census Bureau Population #231 oldest market
- U.S. Census Bureau Population Growth 8.8%, #158 fastest growing market
- Executive Summary
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