Tampa-St. Petersburg-Clearwater, FL
Tampa-St. Petersburg-Clearwater, FL
Q4 2011 - Market Summary
The near-term demand for health care workers in the Tampa Bay area weakened slightly in Q4 amidst relatively little notable movements and announcements. Its Q4 LMPI score of 45.8 was down 5% from Q3 and remained under the national composite of 52.9, which was up 6% from the prior quarter.
Q4 Workforce Announcements
No notable expansions or closures announced during Q4 2012.
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 Tampa-St. Petersburg-Clearwater, FL 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 Tampa-St. Petersburg-Clearwater, FL 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 Tampa-St. Petersburg-Clearwater market.
Source: www.bls.gov accessed 1/1/2012
Additional Factors Influencing HWS Labor Market PulseTM Index
- U.S. Census Bureau Population 2,733,761, #19 largest market
- U.S. Census Bureau Population #18 oldest market
- U.S. Census Bureau Population Growth 14.1%, #82 fastest growing market
- Executive Summary
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