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Seattle-Bellevue-Everett, WA

Seattle-Bellevue-Everett, WA
Q2 2011 - Market Summary

The near-term demand for health care workers in the Seattle metro area rebounded during the second quarter. Of note during the quarter were expansion announcements from Providence Regional Medical Center, which plans to erect a new medical tower on its Everett Colby Campus, and from Swedish, which plans to open a new medical office building in Issaquah and follow with a new hospital there in November, which will add several hundred new jobs.

On a comparative basis, the Seattle health care labor market outperformed much of the rest of the country during the quarter, registering a Q2 LMP score of 62.7, up 38% from the prior quarter and compared to the national composite of 49.9.



Q2 Workforce Announcements

Hospital construction gives Puget Sound region a much-needed economic injection. June 10, 2011
Population growth in the Puget Sound region is spurring hospitals to invest millions in new facilities - investments that are helping to pump up the deflated local economy.
Providence Regional Medical Center Everett will open a $460 million medical tower on its Everett Colby Campus. The new medical tower devotes an entire floor to emergency services, including 79 private treatment rooms and four trauma centers and two floors dedicated to surgical and interventional services.

Swedish, also, plans to open a medical office building on a new 12.5-acre medical campus in Issaquah and to follow up with a new hospital there in November for a total investment of $365 million - and addition of several hundred new jobs.
http://www.bizjournals.com/seattle/print-edition/2011/06/10/hospital-construction-gives-puget.html

Monroe birthing center to close. June 7, 2011
Valley General Hospital will close its birthing unit June 24, meaning a longer drive to other hospitals for women who planned to deliver their baby close to home.
It typically has four to five patients a day. “I don’t know of any other hospitals this size that tries to run a psychiatric program,” Liepman said.
The only other hospital in Snohomish County with an in-patient psychiatric unit is Swedish/Edmonds, which has a 23-bed unit. Twelve full- and part-time employees work in the psychiatric unit. Between the psychiatric and birthing units, the hospital is losing the equivalent of 15 full-time employees. In April, the equivalent of 22 full-time employees were cut.
http://heraldnet.com/article/20110607/NEWS01/706079923/1048/COMM0609

Previous market news

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 Seattle-Bellevue-Everett 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 Seattle-Bellevue-Everett 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 Seattle-Bellevue-Everett market.

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

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


   

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