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Boston-Cambridge-Quincy, MA-NH


Boston-Cambridge-Quincy, MA-NH
Q3 2011– Market Summary

Despite some significant activity activity, the near-term demand for health care workers in the Boston area remained relatively flat during the third quarter. Of particular note, Baystate Health announced that it was eliminating 354 jobs across all three of its hospitals - Baystate Medical Center in Springfield, Baystate Mary Lane in Ware and Baystate Franklin Medical Center in Greenfield. On a positive note, the Whittier Health Network received final city permits to tear down the Port Healthcare Center in Newburyport and replace it with a larger, more modern health care complex, that includes a 54,000-square-foot complex and more than double the beds of the current 100-bed facility.

On a comparative basis, the strength of the Boston health care labor market remained flat during Q3. Its Q3 LMPI score of 45.5, down 2% from the prior quarter, was just below the national composite of 48.0, down 3% from the prior quarter.



Q3 Workforce Announcements

Saint Anne’s unveils $35M expansion plan. September 2011
Saint Anne’s Hospital in Fall River has announced plans for a $35 million expansion of its campus. No start date has been set yet.
The plans call for a three-story facility that will house a new cardiac catheterization and two floors of private inpatient rooms and facilities.
http://www.bizjournals.com/boston/blog/mass_roundup/2011/09/saint-annes-unveils-35m-expansion-plan.html

Amesbury Health Center sold for $4M. September 2011
Anna Jaques Hospital has sold the Amesbury Health Center building for $4 million to MAR Properties, which proposes to fill in vacant office space and make improvements to the property. The hospital occupies half of the property’s 55,000 square feet of office space and will to operate under the new ownership.
http://www.bizjournals.com/boston/blog/mass_roundup/2011/09/former-amesbury-hospital-sold-for-4m.html

Orthopedics center opens Oct. 3 in Hingham. September 2011
South Shore Hospital in Weymouth, in partnership with South Shore Orthopedics, will open the South Shore Hospital Center for Orthopedics, Spine and Sports Medicine. The center aims to offer one-stop treatment for patients in a field that used to require shuttling among a range of doctors, surgeons and specialists.
http://www.bizjournals.com/boston/blog/mass_roundup/2011/09/south-shore-hospital-enters-the.html

Termeer gives $10M to MGH for cancer research. September 2011
Former Genzyme Corp. CEO Henri A. Termeer is donating $10 million to Massachusetts General Hospital to establish a center focusing on personalized medicine. The Henri and Belinda Termeer Center for Targeted Therapies will initially focus on drugs tailored to the genetic makeup of tumors, especially breast cancer, lung cancer and leukemia.
http://www.bizjournals.com/boston/blog/mass_roundup/2011/09/termeer-gives-10m-to-mgh-for-cancer.html

Port Healthcare cleared to expand. September 2011
The Whittier Health Network has received final city permits to tear down the Port Healthcare Center in Newburyport and replace it with a larger, more modern health care complex, according to the Daily News of Newburyport. Whittier’s plans call for a 54,000-square-foot complex with more than double the beds of the current 100-bed facility.
http://www.bizjournals.com/boston/blog/mass_roundup/2011/09/whittier-health-cleared-to-expand.html

Support grows for Marlborough Hospital expansion, July 2011
Marlborough’s Urban Affairs and Housing Committee is endorsing a special permit to allow for the construction of a proposed cancer facility at Marlborough Hospital, The proposed $11.7 million expansion would enable the hospital to improve its ability to treat cancer patients by bringing such treatments as radiation to the hospital.
http://www.bizjournals.com/boston/blog/mass_roundup/2011/07/support-grows-for-marlborough-hospital.html

Baystate Health is eliminating 354 jobs across all three of its hospitals. July 15, 2011
In the past year, as all other construction sectors have declined nationwide, health care has remained steady at $40.3 billion nationwide, according to Census data collected by the Associated General Contractors of America. Construction of medical buildings and special care units in particular have seen a boom. The biggest gains have been seen in federal, state and locally owned facilities, but chief economist for the AGC, said he believes that construction at privately owned health care facilities, which makes up more than two-thirds of the market, won’t be far behind.
http://www.bizjournals.com/boston/print-edition/2011/07/15/neighborhood-health-services-growth.html
http://www.bizjournals.com/boston/news/2011/07/21/baystate-medical-center-to-cut-354-jobs.html

Pharma consortium aims to rectify shortage of cancer researchers. July 8, 2011
Boston-area cancer companies in the hunt for new researchers include Millennium, which is currently hiring for 45 positions across the company, according to its website. Executives there say the company has added 300 workers since its acquisition by Japanese pharma company Takeda Pharmaceuticals in 2008, many of them researchers. Fellow Cambridge oncology companies Aveo Pharmaceuticals and Ariad Pharmaceuticals are hiring for 28 jobs and 12 jobs, respectively, while Waltham-based Immunogen Inc. is looking for seven new workers.
http://www.bizjournals.com/boston/print-edition/2011/07/08/pharma-consortium-aims-to-rectify.html?page=all

Quincy Medical files for Ch. 11. July 1, 2011
Quincy Medical Center has filed to reorganize under Chapter 11 of the bankruptcy code, “for the purpose of consummating a sale of its assets on a going-concern basis to Steward Health Care system,” court documents show.
http://www.bizjournals.com/boston/news/2011/07/01/quincy-medical-files-for-ch-11.html

Previous market news

Hospitals and Health Systems

Source: US News & World Report

Education Program Expansion and Closures

No notable education program expansions and closures announced during Q3 2011.

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 Boston-Cambridge-Quincy, MA-NH market.

Source: http://www2.standardandpoors.com accessed 10/10/2011

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 Boston-Cambridge-Quincy, MA-NH market.

Source: www.census.gov accessed 10/10/2011

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 Boston-Cambridge-Quincy, MA-NH market.

Source: www.bls.gov accessed 10/10/2011

Additional Factors Influencing HWS Labor Market PulseTM Index

  • U.S. Census Bureau Population 4,522,858, #10 largest market
  • U.S Census Bureau Population 119th oldest market
  • U.S. Census Bureau Population Growth 3%, #264 fastest growing market


   

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