San Jose-Sunnyvale-Santa Clara, CA
San Jose-Sunnyvale-Santa Clara, CA
Q4 2011 - Market Summary
The strength of the San Jose health care labor market remained flat during Q4 with little notable news. Its Q4 LMPI score of 45.8 remained unchanged from the prior quarter, compared to the national composite of 52.9, up 6%.
Q4 Workforce Announcements
Nurses provide first aid to hospital budget. December 25, 2011
A recent agreement by Salinas Valley Memorial Hospital’s registered nurses to defer scheduled pay raises for a year and make other concessions could save the financially struggling hospital nearly $2million through early 2014.
http://www.montereyherald.com/local/ci_19617539
Hospitals and Health Systems
Source: US News & World Report
Education Program Expansions and Closures
San Jose State University launches pilot doctoral nursing program. October 14, 2011
California’s public universities are about to launch their first pilot program for a doctoral degree in nursing, and San Jose State University will be one of the schools to offer it in fall 2012. It will admit up to 47 students in the initial class for both online and face-to-face instruction.
http://www.bizjournals.com/sanjose/print-edition/2011/10/14/san-jose-state-university-launches.html
Education Programs
Source: The Integrated Postsecondary Education Data System
Health of the Local Economy
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 San Jose-Sunnyvale-Santa Clara, CA 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 San Jose-Sunnyvale-Santa Clara, CA market.
Source: www.bls.gov accessed 1/1/2012
Additional Factors Influencing HWS Labor Market PulseTM Index
- U.S. Census Bureau Population 1,819,198, #31 largest market
- U.S. Census Bureau Population #244 oldest market
- U.S. Census Bureau Population Growth 4.8%, #227 fastest growing market
- Executive Summary
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