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New York-Northern New Jersey–Long Island, NY

New York-Northern NJ-Long Island, NY
Q4 2011 - Market Summary

The near-term demand for health care workers in the New York metropolitan area rebounded in the fourth quarter despite some negative news. Of note, the Westchester Medical Center announced that it was laying off 250 and eliminating another 250 positions. Montefiore Medical Center also announced layoffs of 63, St. Francis Hospital on Long Island laid off 58, Christ Hospital in Jersey City laid off 50, as did Peninsula Hospital in Far Rockaway.

On a comparative basis, the strength of the New York area health care labor market remained weaker than most other large national markets but improved form Q3. Its Q4 LMPI score if 41.3 was up 20% from the prior quarter compared to the national composite of 52.9, up 6% from the prior quarter.

Q4 Workforce Announcements

Westchester, NY medical center announces layoffs. December 9, 2011
The Westchester Medical Center has announced that 250 employees will receive layoff notices. According to the Journal News the medical center is also eliminating 104 vacant positions. The moves are projected to save $30 million next year. That’s only half of what the medical center needs to close its budget gap.
http://online.wsj.com/article/AP42666c73fc504...

Union layoffs, nurse negotiations at Montefiore. December 8, 2011
Montefiore Medical Center issued layoff notices for 63 workers in the health care union 1199 SEIU, citing “significant financial challenges.”
The Bronx hospital is discontinuing the ambulance service at its North Campus, and the job cuts will affect 20 full-time employees, 23 part-timers and 20 per-diem workers. The hospital has filed a 90-day notice of mass layoffs, as required by state law.

http://www.crainsnewyork.com/article/20111208/...

St. Francis Hospital lays off 58 employees. December 6, 2011
Citing declining revenues and increasing costs, St. Francis Hospital in Roslyn has laid off 58 employees, slightly less than 2 percent of the its 3,000-person workforce.
St. Francis, part of Rockville Centre-based Catholic Health Services of Long Island, last Wednesday and Thursday told the employees it had eliminated their positions, ranging from administrators to nurse’s aides and nurses, as it prepared its 2012 budget.
http://libn.com/2011/12/06/st-francis-hospital...

Protestors gather in front of Christ Hospital in Jersey City as 50 layoffs are announced. December 5, 2011
Hours after Christ Hospital announced 50 layoffs, about a dozen protestors stood in front of the Palisade Avenue nonprofit hospital this evening to signal opposition to its impending sale to a for-profit healthcare chain.
http://www.nj.com/hudson/index.ssf/2011/12/...

Peninsula Hospital in New York Announces Layoffs Amid Restructuring. October 26, 2011
More than 50 employees at Peninsula Hospital in Far Rockaway, N.Y., have received layoff notifications, according to a New York Daily News report. In September, Brooklyn-based Revival Home Health Care announced it would operate Peninsula Hospital and extended an $8 million line of credit to the hospital to keep it open. The struggling hospital is reportedly more than $60 million in debt and is currently restructuring finances as part of its Chapter 11 bankruptcy filing. Those who received layoff notifications include nurses, X-ray technicians and respiratory therapists.
http://www.beckershospitalreview.com/hospital-...

Previous market news

Hospitals and Health Systems

Source: US News & World Report

Education Program Expansion and Closures

No notable education program expansions or 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 New York-Northern NJ-Long Island, NY 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 New York-Northern NJ-Long Island, NY 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 New York-Northern NJ-Long Island, NY market.

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

Additional Factors Influencing HWS Labor Market PulseTM Index

  • U.S. Census Bureau Population 19,006,798, #1 largest market
  • U.S. Census Bureau Population #137 oldest market
  • U.S. Census Bureau Population Growth 3.7%, #248 fastest growing market
   

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