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Las Vegas-Paradise, NV

Las Vegas-Paradise, NV
Q3 2010 - Market Summary

After a weak 2nd quarter, the Las Vegas health care labor market rebounded to outperform much of the rest of the country during Q3. Of particular note was the announcement in July that the VA will build its first hospital in 20 years, in Southern Nevada. The new hospital will have 90 inpatient beds and 20 mental health beds and be completed within three years. Also of note during the quarter MountainView Hospital announced a $34 million expansion that will almost double the size of its ER to 42 beds and add an ICU.

On a comparative basis the near term demand for health care workers in Las Vegas was stronger than any of the other 29 markets tracked by LMPI. Its Q3 LMPI score of 81.58, up 485% from the prior quarter, compared favorably to the LMPI composite index of 50.62.



Q3 Workforce Announcements

Nevada Cancer Institute Opens New Cancer Treatment Center At UMC. September 15, 2010
Nevada Cancer Institute (NVCI) and University Medical Center (UMC) have opened NVCI at UMC - a new 13,000-square-foot state-of-the-art cancer treatment facility - resuming crucial cancer care that budget cuts forced suspension of in late 2008.
http://www.lvtsg.com/imho/2010/09/nevada-cancer-institute-opens-new-cancer-treatment-center-at-umc/

Centennial Hills Hospital opens Occupational Health Center. August 11, 2010
The clinic will contain not only examination and therapy rooms for people injured on the job, but a separate entrance for people who need to take drug tests or other forms of screening and exams required by employers. In general, Las Vegas hospitals have not entered occupational health except to take referrals for inpatient treatment or specialized therapy from the chain clinics, so individual practices have dominated the field for years.
http://www.lvrj.com/business/centennial-hills-hospital-opens-occupational-health-center-100465249.html?ref=249

MountainView Hospital announces $34 million expansion. July 20, 2010
MountainView Hospital announced a $34 million project that will almost double the size of its emergency room and add an intensive care unit. Construction is scheduled to begin in early 2011. The emergency room will expand from 22 to 42 beds. The ICU unit will house 12 beds.
http://www.lasvegassun.com/news/2010/jul/20/mountainview-hospital-announces-34-million-expansi/

Harry Reid tours VA hospital under construction. July 6, 2010
Senate Majority Leader Harry Reid helped to secure funding for the $600.4 million project, which will become the first VA hospital in Southern Nevada. It’s the first VA hospital to be built in the country in 20 years. The project is expected to create about 2,200 jobs in construction and the medical field. About 600 workers are at the site daily, and the project will finish after three years of construction. The hospital will include 90 inpatient beds and 20 mental health beds, and will work with four primary care clinics in the valley.
http://www.lasvegassun.com/news/2010/jul/06/harry-reid-tours-va-hospital-under-construction/

Previous market news

Hospitals and Health Systems

Source: US News & World Report

Education Program Expansion and Closures

University, hospitals being proactive about nursing jobs. August 20, 2010
Nevada will need registered nurses. According to the Nevada of Employment, Training and Rehabilitation Department, nearly 5,500 new nurses will be needed statewide by 2016. There is an expectation that students who enter into nurse education programs now will find a different employment environment at the end of their degree program as the economy rebounds.
http://www.lasvegassun.com/news/2010/aug/20/university-hospitals-being-proactive-about-nursing/

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 Las Vegas-Paradise, NV 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 Las Vegas-Paradise, NV 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 Las Vegas-Paradise, NV market.

Source: www.bls.gov accessed 10/1/2010

Additional Factors Influencing HWS Labor Market PulseTM Index

  • U.S. Census Bureau Population 1,865,746 #30 largest market
  • U.S. Census Bureau Population #183 oldest market
  • U.S. Census Bureau Population Growth 35.6%, #7 fastest growing market
   

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