Cleveland-Elyria-Mentor, OH
Cleveland-Elyria-Mentor, OH
Q3 2010 – Market Summary
After a strong second quarter, the demand for health care workers in the Cleveland metropolitan area dropped notably during the third quarter of 2010. Of note, the Lakewood Hospital opened its center for geriatric neurology this quarter.
On a comparative basis, the Charlotte health care labor market is now slightly lagging behind of the rest of the country, registering a Q3 2010 LMPI score of 45.77, down 17% from the prior quarter, and compared to the national composite of 50.62 for the quarter.
Q3 Workforce Announcements
Lakewood Hospital opens geriatric neurology center. September 19, 2010
Following several recent renovations as part of the multi-million dollar Vision for Tomorrow development plan, Lakewood Hospital unveiled the new Harold C. Schott Pavilion for Geriatric Neurological Health.
http://www.cleveland.com/sunpostherald/index.ssf/2010/09/…
Hospitals & Health Systems
Source: US News & World Report
Education Program Expansion and Closures
No notable education program expansions and closures announced during Q3 2010.
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 Cleveland-Elyria-Mentor, OH market.
Source: http://www2.standardandpoors.com accessed 10/1/2010
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 Cleveland-Elyria-Mentor, OH market.
Source: www.census.gov accessed 10/1/2010
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 Cleveland-Elyria-Mentor, OH market.
Source: www.bls.gov accessed 10/1/2010
Additional Factors Influencing HWS Labor Market PulseTM Index
- U.S. Census Bureau Population 2,08,291, #26 largest market
- U.S. Census Bureau Population #76 oldest market
- U.S. Census Bureau Population Growth -2.8%, #337 fastest growing market
- Executive Summary
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