Denver-Aurora, CO
Denver-Aurora, CO
Q3 2010 - Market Summary
The near-term demand for health care workers in the Denver metropolitan area continued to strengthen during the third quarter of 2010 and the number of workers required to meet announced expansion plans will likely exceed the number of announced positions eliminated or deferred. Of particular note during the quarter, Rocky Mountain Hospital for Children opened its new 145-bed hospital as an expansion of Presbyterian/ St. Luke’s Medical Center. Also, Children’s Hospital announced expansion plans at St. Josephs in downtown Denver as well as in Aurora.
On a comparative basis, the Denver health care market is still stronger than most of the other major metropolitan areas across the country registering an LMPI score of 69.67, up 4% from last quarter, compared to the national composite index of 50.62, down 14% from the prior quarter.
Q3 Workforce Announcements
Rocky Mountain Hospital for Children opens. September 8, 2010
Denver’s new Rocky Mountain Hospital for Children, the 145-bed hospital, officially opened as an expansion of Presbyterian/St. Luke’s Medical Center and is attached to the existing hospital.
http://denver.bizjournals.com/denver/stories/2010/09/06/daily23.html
Denver-area hospitals fuel flurry of growth. September 7, 2010
Denver-area hospitals are moving ahead with a $2 billion building boom that will add hundreds of beds, replace aging structures and boost local employment. Including projects at Exempla St. Joseph, St. Anthony Central, University Hospital, Children’s Hospital, Exempla Lutheran Medical, and Rocky Mountain Hospital for Children.
http://www.denverpost.com/search/ci_15990281#ixzz0yn6Wg65k
Health care adds 2,120 jobs so far. July 23, 2010
Health care employment has risen slightly in Colorado in 2010. Still, industry leaders remain worried about the shortage of providers in rural areas of the state. Department of Labor spokesman said, “that’s not much for an entire industry. But unlike other industries, at least we’ve seen some modest growth.” Also, Kaiser is looking to fill positions and looking to add about 100 new workers as it opens four new medical facilities in the Denver area within five years.
http://denver.bizjournals.com/denver/stories/2010/07/26/focus6.html
Children’s Hospital to expand at Saint Joseph. July 20, 2010
The Children’s Hospital at Saint Joseph Hospital is expanding its downtown Denver emergency facility to add space for multiple specialty clinics and areas for new services. The location also will offer clinic space for new sub-specialties such as audiology, dermatology, electroencephalography, endocrinology, neurology, neurosurgery, sports medicine, ultrasound, urology and ear, nose and throat services.
http://denver.bizjournals.com/denver/stories/2010/07/19/daily35.html
Children’s Hospital plans addition, 124 new beds. July 2, 2010
The Children’s Hospital in Aurora soon will launch a major, $228 million expansion, including a 124-bed addition, to handle increased patient load.
University of Colorado Denver and University of Colorado Hospital recently announced a $400 million expansion: a new, $800 million Veterans Administration hospital started preliminary site work last year, and plans to start construction soon.
http://denver.bizjournals.com/denver/stories/2010/07/05/story1.html
Hospitals and Health Systems
Source: US News & World Report
Education Program Expansion and Closures
No notable education program expansions or closures in 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 Denver-Aurora, CO 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 Denver-Aurora, CO 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 Denver-Aurora, CO market.
Source: www.bls.gov accessed 10/1/2010
Additional Factors Influencing HWS Labor Market PulseTM Index
- U.S. Census Bureau Population 2,506,626, #21 largest market
- U.S, Census Bureau Population 240th oldest market
- U.S. Census Bureau Population Growth 15%, #74 fastest growing market
- Executive Summary
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