New York-Northern New Jersey–Long Island, NY
New York-Northern NJ-Long Island, NY
Q2 2011 - Market Summary
The near-term demand for health care workers in the New York metro area remained flat during Q2. In a relatively quiet quarter, Staten Island Hospital announced that it was considering furloughs and possible layoffs in the face of a potential $6 million budget shortfall.
On a comparative basis, the strength of the New York metro health care labor market held steady vis-à-vis the rest of the country. Its Q2 LMPI score of 45.4 was down 4% from the prior quarter and just under the national composite of 49.9.
Q2 Workforce Announcements
Staten Island Hospital raises specter of nurse furloughs, layoffs. June 20, 2011
Richmond University Medical Center is considering furloughs and possible layoffs of registered nurses and other personnel in the face of a potential $6 million budget shortfall. New York State Nurses Association (NYSNA), which represents the hospital’s 620 registered nurses, nurses have been asked to accept 67.5 hours of furlough, or just under six days based on a 12-hour workday. The furloughs would be effective over the balance of the year.
http://www.silive.com/northshore/index.ssf/2011/06/staten_island_hospital_raises.html
Hospitals and Health Systems
Source: US News & World Report
Education Program Expansion and Closures
No notable education program expansions or 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 New York-Northern NJ-Long Island, NY 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 New York-Northern NJ-Long Island, NY 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 New York-Northern NJ-Long Island, NY market.
Source: www.bls.gov accessed 7/7/2011
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
- Executive Summary
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