Tampa-St. Petersburg-Clearwater, FL
Tampa-St. Petersburg-Clearwater, FL
Q3 2011 - Market Summary
The near term demand for health care workers in the Tampa metropolitan area remained steady during the 3nd quarter of 2011. Of particular note during the quarter, St. Joseph’s Women’s Hospital opened its new expanded NICU.
On a comparative basis, the Tampa health care labor market has remained relatively steady for the past two quarters. Its LMPI score of 48.3 for Q3 2011, up 2% from the prior quarter, come in slightly higher to the national composite index of 48.0, down 3% from the prior quarter.
Q3 Workforce Announcements
St. Joseph’s Women’s Hospital unveils $75M expansion. August 5, 2011
A $75 million, 125,000-square-foot expansion at St. Joseph’s Women’s Hospital opened on Aug. 10. The facility includes a 64-bed NICU spread over two floors. Every NICU bed in the new unit is in a private room, with support space for families, overnight accommodations and an individualized environment to improve the developmental process and growth of the neonates.
http://www.bizjournals.com/tampabay/news/2011/08/05/st-josephs-womens-hospital-unveils.html
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 Tampa-St. Petersburg-Clearwater, FL 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 Tampa-St. Petersburg-Clearwater, FL 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 Tampa-St. Petersburg-Clearwater market.
Source: www.bls.gov accessed 10/10/2011
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
- Executive Summary
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