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Tampa-St. Petersburg-Clearwater, FL

Tampa-St. Petersburg-Clearwater, FL
Q3 2010 - Market Summary

After three solid quarters of growth, the Tampa Bay health care labor market slowed markedly during the third quarter. Of particular note, the University Community Hospital-Carrollwood is nearing completion of an expansion that will add an intensive care unit, progressive care unit and operating rooms. The new ICU and PCU with 23 total beds will add 6,000 square feet to the hospital’s Medical Arts Tower.

On a comparative basis, the Tampa Bay market was slightly weaker than most of the rest of the country during Q3, registering an LMPI score of 47.78, down 40% from the prior quarter, compared to the LMPI composite index of 50.62, down 14% from the prior quarter.



Q3 Workforce Announcements

Hot Leads: Startups, expansions, moves and new products and services. September 17, 2010
BayCare Health System opened the Evelyn and Batista Madonia, Sr. Heart and Vascular Center at South Florida Baptist Hospital.
http://tampabay.bizjournals.com/tampabay/stories/2010/09/20/story10.html

UCH-Carrollwood takes wraps off $12.3 million expansion. July 15, 2010
University Community Hospital-Carrollwood is putting the finishing touches on a $12.3 million project, adding an intensive care unit, progressive care unit and operating rooms. The new ICU and PCU with 23 total beds will add 6,000 square feet to the third floor of the hospital’s Medical Arts Tower, doubling the size of that floor. Three new operating rooms on the second floor will join six existing OR suites.
http://tampabay.bizjournals.com/tampabay/stories/2010/07/12/daily44.html


Previous market news

Hospitals and Health Systems

Source: US News & World Report

Education Program Expansion and Closures

USF College of Nursing gets $1.3 million training grant. August 12, 2010
The University of South Florida College of Nursing received a five-year, $1.3 million federal grant to train nursing faculty throughout the state in the use of simulation learning, informatics and telehealth.
http://tampabay.bizjournals.com/tampabay/stories/2010/08/09/daily52.html

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 Tampa-St. Petersburg-Clearwater, FL 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 Tampa-St. Petersburg-Clearwater, FL 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 Tampa-St. Petersburg-Clearwater market.

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

Additional Factors Influencing HWS Labor Market PulseTM Index

  • U.S. Census Bureau Population 2,733,761, #19 largest market
  • U.S. Census Bureau Population #18 oldest market
  • U.S. Census Bureau Population Growth 14.1%, #82 fastest growing market
   

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