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Miami-Fort Lauderdale-Miami Beach, FL


Miami-Fort Lauderdale-Miami Beach, FL
Q3 2011 - Market Summary

The near-term demand for health care workers in Miami strengthened during the third quarter. Of note during the quarter, The Brickell CitiCentre construction project will include medical offices and wellness center. Jupiter Medical Center is joining NuVista Living in planning and developing a senior community. Jupiter Medical Center will work to develop the health care aspects, which are expected to create 150 jobs. The Scripps Research Institute and Tenet Healthcare are collaborating to build a new academic medical center which will create 250-300 health care jobs. Molina Healthcare is beginning construction on its first clinic in Florida, Welllington Regional Medical Center started construction on its new tower, Leon Medical Centers is planning an expansion of its Miami center, and Memorial Healthcare has opened a new DiMaggio Children’s Hospital adding 100 clinical and support jobs.

On a comparative basis, the Miami health care labor market rebounded slightly during the quarter. Its Q3 LMPI score of 54.8 was up 20% from the prior quarter vs. the national composite of 48.0, down 3% from the prior quarter.



Q3 Workforce Announcements

Brickell CitiCentre to include medical offices, wellness center. September 30, 2011
The ambitious Brickell CitiCentre project Swire Properties is planning in Miami includes a 95,000-square-foot twin medical office/wellness center that targets foreigners who travel there for procedures and recovery.
http://www.bizjournals.com/southflorida/print-edition/2011/09/30/brickell-citicentre-to-include-medical.html

Jupiter Medical Center partners on $70M senior community. August 18, 2011
Jupiter Medical Center has formed a joint venture with NuVista Living for a $70 million senior community in the Abacoa area of Jupiter. The nonprofit hospital will work with the developer, which owns the property, on the health care aspects of the project, which is expected to create 150 jobs. The project, called the Institute for Healthy Living, Life Science and Research, should open in spring 2013.
http://www.bizjournals.com/southflorida/news/2011/08/18/jupiter-medical-center-partners-70M.html

Scripps and Tenet plan academic medical center. August 8, 2011
The Scripps Research Institute and Tenet Heathcare Corp. said they would collaborate to build an academic medical center in Palm Beach Gardens, near Scripps’ Florida campus in Jupiter. The county estimated that the economic impact of the new medical center would be $402 million over five years. It would also create 150 to 200 construction jobs and, after its completion, 250 to 300 health care jobs.
http://www.bizjournals.com/southflorida/news/2011/08/08/scripps-tenet-amademic-medical.html?page=all

Molina Healthcare opens first Florida clinic in West Palm Beach. August 5, 2011
Molina Healthcare has begun construction on its first clinic in Florida, as it gears up for larger Medicaid enrollment. The 4,500-square-foot clinic in West Palm Beach will open with one primary care physician, five staffers, and could accommodate another doctor later.
http://www.bizjournals.com/southflorida/print-edition/2011/08/05/molina-healthcare-opens-first-florida.html?page=all

Wellington Regional Medical Center plans $50 million addition. July 29, 2011
Wellington Regional Medical Center plans to start construction in September of a $50 million tower, which will provide a new hospital entrance and 80 private rooms for patients.
http://www.bizjournals.com/southflorida/news/2011/07/29/wellington-regional-medical-center.html

Memorial Healthcare opens new Joe DiMaggio Children’s Hospital. July 22, 2011
The 170,000-square-foot, 204-bed facility was a $140 million investment for MHS, with about half of that for construction and much of the capital for medical equipment. More than $30 million was donated for the project, which created 100 clinical and support jobs.
http://www.bizjournals.com/southflorida/print-edition/2011/07/22/memorial-healthcare-opens-new-joe.html?page=all

Leon Medical Centers buys land for expansion in Miami. July 15, 2011
Leon Medical Centers plans to serve more seniors and create more than 200 jobs with the expansion of its Miami health center.
http://www.bizjournals.com/southflorida/print-edition/2011/07/15/leon-medical-centers-buys-land-for.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 Miami-Fort Lauderdale-Miami Beach 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 Miami-Fort Lauderdale-Miami Beach 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 Miami-Fort Lauderdale-Miami Beach market.

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

Additional Factors Influencing HWS Labor Market PulseTM Index

  • U.S. Census Bureau Population 5,414,772, #7 largest market
  • U.S. Census Bureau Population #105 oldest market
  • U.S. Census Bureau Population Growth 8.1%, #167 fastest growing market


   

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