Miami-Fort Lauderdale-Miami Beach, FL
Q4 2011 - Market Summary

Q4 Workforce Announcements

Jackson Health System to cut 240 jobs as losses mount. November 17, 2011
Reeling from huge losses in the first month of its fiscal year, Jackson Health System announced plans Thursday to eliminate 240 positions. For October, the public hospitals lost $9.6 million - a 50 percent increase over the $6.5 million loss in October 2010. “We can’t afford to have $10 million losses,” Chief Executive Carlos Migoya told Jackson’s governing board. “We need to take action now.” About 170 of the positions are filled by employees who will be laid off. The others are vacant positions that will be abolished. Most of the positions do not involve clinical care. The reductions represent 2.5 percent of Jackson’s 10,970 workforce.
http://www.miamiherald.com/2011/11/17/2506983/jackson-health-system-cuts-240.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 Miami-Fort Lauderdale-Miami Beach 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 Miami-Fort Lauderdale-Miami Beach 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 Miami-Fort Lauderdale-Miami Beach market.

Source: www.bls.gov accessed 1/1/2012

Additional Factors Influencing HWS Labor Market Pulse^TM 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