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Minneapolis-St. Paul-Bloomington, MN-WI

Minneapolis-St. Paul-Bloomington, MN-WI
Q3 2010 - Market Summary

The near term demand for health care workers in the Minneapolis St. Paul metropolitan area held relatively steady during the 3rd quarter of 2010. Of note, the University of Minnesota and Fairview Health Services officially kicked off a $175 million campaign to fund the new University of Minnesota Amplatz Children’s Hospital, scheduled to open in early 2011. Park Nicollet Health Services has also restarted building at Methodist Hospital in St. Louis Park, a year after it put projects on hold due to the recession. On a negative note, North Memorial Health Care plans to eliminate 200 positions to make up for second-quarter revenue shortfalls and Children’s Hospital and Clinics of Minnesota plans to eliminate between 200 and 250 full-time positions by mid-November.

On a comparative basis, the Minneapolis health care labor market remained weaker than much of the rest of the country yet held relatively steady, registering a Q3 LMPI score of 42.25 vs. the national composite of 50.62.



Q3 Workforce Announcements

University of Minnesota pursues big hospital expansion projects. September 28, 2010
The University of Minnesota and Fairview Health Services officially kicked off a $175 million campaign to back the new University of Minnesota Amplatz Children’s Hospital. Scheduled to open in early 2011, the hospital includes 96 acute care hospital beds, state-of-the-art medical/surgical units, a pediatric intensive care unit and a dedicated pediatric emergency room, in addition to transplant services units and Minnesota’s only pediatric dialysis unit.
http://www.medcitynews.com/2010/09/university-of-minnesota-pursues-big-hospital-expansion-projects/

North Memorial to eliminate 200 jobs. September 13, 2010
North Memorial Health Care plans to eliminate 200 positions to make up for second-quarter revenue shortfalls. Layoffs are possible, but the focus will be on not filling open positions.
http://twincities.bizjournals.com/twincities/stories/2010/09/13/daily2.html

Children’s Hospital plans to cut between 200 and 250 jobs. August 27, 2010
Children’s Hospital and Clinics of Minnesota plans to eliminate between 200 and 250 full-time positions by mid-November. The job cuts will come through a combination of layoffs, voluntary early retirements and leaving open positions vacant.
http://twincities.bizjournals.com/twincities/stories/2010/08/23/daily25.html

Park Nicollet restarts remodeling project at Methodist. July 23, 2010
Park Nicollet Health Services is back to building at Methodist Hospital in St. Louis Park, a year after it put such projects on hold due to the recession. The organization started remodeling 11,200 square feet of third-floor space to add two operating rooms to its existing 19.
http://twincities.bizjournals.com/twincities/stories/2010/07/26/story5.html

George Family donates $556K to University of Minnesota for nurse training. August 4, 2010
The George Family Foundation has donated $556,000 to the University of Minnesota to provide nurses with integrative-medicine training. The dollars will go to the university’s Center for Spirituality & Healing and the School of Nursing. The funds will support fellowships for more than 40 nurses through 2015.
http://twincities.bizjournals.com/twincities/stories/2010/08/02/daily11.html

Previous market news

Hospitals and Health Systems

Source: US News & World Report

Education Program Expansion and Closures

No notable program expansion and 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 Minneapolis-St. Paul-Bloomington, MN-WI 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 Minneapolis-St. Paul-Bloomington, MN-WI 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 Minneapolis-St. Paul-Bloomington, MN-WI market.

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

Additional Factors Influencing HWS Labor Market PulseTM Index

  • U.S. Census Bureau Population 3,229,878, #16 largest market
  • U.S. Census Bureau Population #231 oldest market
  • U.S. Census Bureau Population Growth 8.8%, #158 fastest growing market
   

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