Minneapolis-St. Paul-Bloomington, MN-WI
Minneapolis-St. Paul-Bloomington, MN-WI
Q4 2010 - Market Summary
The near term demand for health care workers in the Minneapolis-St. Paul metropolitan area improved slightly during the fourth quarter of 2010. Of note during the quarter,
Children’s Hospitals and Clinics of Minnesota completed a multi-million dollar expansion, part of a $300 million redevelopment plan that includes the expansion of Children’s St. Paul hospital. The hospital’s expansion included a larger emergency department, private patient rooms, and new surgery and cardiovascular centers. Also of note, St. Paul Heart Clinic announced plans to shut down early in 2011.
On a comparative basis, the Minneapolis-St. Paul health care labor market improved relative to Q3, registering a Q4 LMPI score of 45.1, up 7% from the prior quarter and compared to the national composite of 49.8.
Q4 Workforce Announcements
St. Paul Heart Clinic to shut down. November 18, 2010
St. Paul Heart Clinic will shut down at the start of next year. The 34 physicians employed by the clinic will receive jobs either at St. Paul-based HealthEast or Allina Hospitals & Clinics, based in Minneapolis.
http://www.bizjournals.com/twincities/news/2010/11/18…
http://www.minnpost.com/medcitynews/2010/11/19/23552/...
Children’s Hospitals and Clinics of Minnesota completes Minneapolis hospital expansion. November 17, 2010
Children’s Hospitals and Clinics of Minnesota on Wednesday celebrated the completion of a its million expansion, a project that began in 2007 as part of a $300 million redevelopment that also includes the expansion of Children’s St. Paul hospital. The Minneapolis hospital’s expansion included a larger emergency department, private patient rooms with sleeping space for families and new surgery and cardiovascular centers, according to a Children’s press release.
http://www.bizjournals.com/twincities/news/2010/11/17...
Children’s, Allina to run new $50M birth center. October 15, 2010
Allina Hospitals & Clinics and Children’s Hospitals and Clinics of Minnesota have revived plans to build a jointly operated birth center in Minneapolis.
http://www.bizjournals.com/twincities/stories/2010/10/18/story1.html
Hospitals and Health Systems
Source: US News & World Report
Education Program Expansion and Closures
No notable program expansion and 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 Minneapolis-St. Paul-Bloomington, MN-WI 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 Minneapolis-St. Paul-Bloomington, MN-WI 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 Minneapolis-St. Paul-Bloomington, MN-WI market.
Source: www.bls.gov accessed 1/5/2011
Additional Factors Influencing HWS Labor Market PulseTM Index
- U.S. Census Bureau Population 3,229,878, #16 largest market
- U.S. Census Bureau Population #231 oldest market
- U.S. Census Bureau Population Growth 8.8%, #158 fastest growing market
- Executive Summary
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