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Dallas-Fort Worth-Arlington, TX

Dallas-Fort Worth-Arlington, TX
Q4 2011 - Market Summary

The near-term demand for health care workers in the Dallas- Fort Worth metropolitan area showed significant improvement during the last quarter of 2010. After a strong and stable year, the index now shows the Dallas- Fort Worth area to be the strongest metro for this quarter.
Of note during the quarter, CareMinders Home Care is planning to open 30 offices in North Texas, generating 3,000 jobs in the region. Also, construction of the new Parkland Memorial Hospital is one of the country’s largest hospital construction projects under way. The 862-bed facility is reported to be on schedule and under budget. Finally, UT Southwestern laid the foundation for its new 460-room University Hospital.

On a comparative basis, the Dallas- Fort Worth health care market is now stronger than most of the other major metropolitan areas across the country registering an LMPI score of 121.8 for Q4 2011, compared to the national composite index of 52.9, and up 144% from the prior quarter.

Q4 Workforce Announcements

CareMinders could generate 3,000 jobs. December 16, 2011
CareMinders Home Care to open more than 30 offices throughout North Texas - a move expected to create more than 3,000 jobs in the region in the next few years.
http://www.bizjournals.com/dallas/print-edition/2011/12/16/careminders-could-generate-3000-jobs.html

Parkland construction ahead of schedule, under budget. October 28, 2011
Construction on the new Parkland Memorial Hospital appears to be on schedule and under budget. The 862-bed facility is the largest hospital construction project under way in the United States.
http://www.bizjournals.com/dallas/blog/morning_call/2011/10/parkland-construction-ahead-of.html

Medicare cuts spread pain at nursing homes. October 14, 2011
Nursing home closures, staff layoffs, price increases and cost-cutting on everything from food to contracted care will likely result from an 11 percent Medicare cut that took effect for skilled nursing Oct. 1. The cuts were first announced July 29, leaving little preparation time for skilled-nursing facilities to figure out how to absorb the revenue cuts with minimal impact on their operations.
Nursing homes statewide provide about 99,000 jobs, and the skilled-nursing sector is Texas’ second-largest health sector after hospitals, according to the Washington, D.C.-based Alliance for Quality Nursing Home Care. There are more than 24,000 skilled-nursing facility beds in the Dallas-Fort Worth area, according to the Texas Health Care Association.
http://www.bizjournals.com/dallas/print-edition/2011/10/14/health-care-quarterly-pain-spreads-at.html?page=all

Hospitals plan to increase physician employment. October 12, 2011
Seven in 10 hospitals and health systems nationwide plan to employ more physicians in the next 12 to 36 months, according to a trade report released Wednesday by Irving-based MedSynergies Inc.
http://www.bizjournals.com/dallas/blog/2011/10/hospitals-plan-to-increase-physician.html

UT Southwestern lays foundation for new hospital. October 11, 2011
UT Southwestern Medical Center held a foundation-laying ceremony today for University Hospital, an $800 million facility slated to open in 2015. The 12-floor, 460-room facility is an important part of UT Southwestern’s plan to become one of the nation’s top 10 comprehensive academic medical centers.
http://www.bizjournals.com/dallas/news/2011/10/11/ut-southwestern-lays-foundation-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 Q4 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 1/1/2012

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 1/1/2012

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 1/1/2012

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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