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Dallas-Fort Worth-Arlington, TX


Dallas-Fort Worth-Arlington, TX
Q3 2011 - Market Summary

The near-term demand for health care workers in the Dallas metro area remained strong during Q3 relative to the rest of the country. Of note, construction is underway on Baylor’s new 113,730-square foot medical office building in McKinney that will be adjacent to the 95-bed Baylor Medical Center, also under construction. Methodist Health is also planning a $135M expansion that will create 250 new permanent jobs.

On a comparative basis, the Dallas health care labor market remained strong, as measured by its Q3 LMPI score of 50.0, up 1% from the prior quarter and above the national composite of 48.0.



Q3 Workforce Announcements

Methodist Health’s $135M expansion to create 250 jobs, August 23, 2011
Two southern Dallas County hospitals in the Methodist Health System will receive a total of $135 million in expansion and renovations and ultimately create 250 permanent jobs for health-care workers.
http://www.bizjournals.com/dallas/news/2011/08/23/methodist-health-announces-135m.html

Commercial Real Estate: Medical construction has room to grow. July 29, 2011
Construction is under way on Baylor Health Care System’s four-story, 113,730-square-foot medical office building in McKinney - a move that could spur other health care development projects in the vicinity. The medical office building will be adjacent to the 95-bed Baylor Medical Center , which also is under construction.
The building - Baylor McKinney Medical Office Building I - will be connected to the first floor of the $205 million, six-story, 469,170-square-foot hospital on the 58-acre campus at the northwest corner of U.S. 380 and Lake Forest Drive.
http://www.bizjournals.com/dallas/print-edition/2011/07/29/medical-construction-has-room-to-grow.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 Dallas-Fort Worth-Arlington, TX 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 Dallas-Fort Worth-Arlington, TX 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 Dallas-Fort Worth-Arlington, TX market.

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

Additional Factors Influencing HWS Labor Market PulseTM Index

  • U.S. Census Bureau Population 6,300,006 #4 largest market
  • U.S. Census Bureau Population #304 oldest market
  • U.S. Census Bureau Population Growth 22.1%, #32 fastest growing market


   

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