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Denver-Aurora, CO

Denver-Aurora, CO
Q4 2010 - Market Summary



The near term demand for health care workers in the Denver metro area weakened during Q4 but remained stronger than much of the rest of the country. Of note during the quarter the University of Colorado Hospital in Aurora broke ground on a $20 million expansion of its Anschutz Cancer Pavilion that will add 40,000 square feet to the pavilion and renovate another 11,200 square feet. Separately, UCH plans to break ground early next year on a $400 million expansion that includes a 12-story tower and 144 additional beds. Also of note St. Anthony North Hospital officially opened its new Wound Healing Center and Exempla Lutheran Medical Center opened two more floors of its new hospital wing.

On a comparative basis the Denver health care labor market remained strong during Q4 despite weakening from the prior quarter. Its Q4 LMPI score of 57.2 was down 18% but compared favorably to the national composite of 49.8.

Q4 Workforce Announcements



Exempla Lutheran Medical Center opens 2 new floors. November 5, 2010
Exempla Lutheran Medical Center is opening two more floors of its new hospital wing at a ceremony scheduled. The two new floors of the Family Birth Center will include, labor suites, all with whirlpools; family sleeping accommodations, with refrigerators; outdoor patios with mountain views; a high-risk perinatologist; and, a state-of-the-art infant security system.
http://www.bizjournals.com/denver/news/2010/11/05/exempla-lutheran-medical-center-opens.html

Centura’s St. Anthony North opens wound center. October 19, 2010
St. Anthony North Hospital officially opened its new Wound Healing Center. The facility will specialize in treating a variety of inflictions, including diabetic wounds, skin flaps and ulcers associated with vein disease.
http://www.bizjournals.com/denver/news/2010/10/19/st-anthony.html

University of Colorado Hospital breaks ground on cancer-pavilion expansion. October 4, 2010
University of Colorado Hospital in Aurora was officially breaking ground Monday on a $20 million expansion of its Anschutz Cancer Pavilion.The project will add 40,000 square feet to the pavilion and renovate another 11,200 square feet. Separately, UCH plans to break ground early next year on a $400 million expansion that includes a 12-story tower to house 144 additional beds, a four-story critical-care wing containing a new emergency department, extra operating space and a cardiac and vascular center; and a six-story parking garage.
http://www.bizjournals.com/denver/stories/2010/10/04/daily7.html

Previous market news

Hospitals and Health Systems

Source: US News & World Report

Education Program Expansion and Closures

No notable education program expansions or closures in Q4 2010.

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 Denver-Aurora, CO market.

Source: http://www2.standardandpoors.com accessed 1/5/2011

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 Denver-Aurora, CO market.

Source: www.census.gov accessed 1/5/2011

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 Denver-Aurora, CO market.

Source: www.bls.gov accessed 1/5/2011

Additional Factors Influencing HWS Labor Market PulseTM Index

  • U.S. Census Bureau Population 2,506,626, #21 largest market
  • U.S, Census Bureau Population 240th oldest market
  • U.S. Census Bureau Population Growth 15%, #74 fastest growing market


   

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