The strength of the national healthcare labor market showed improvement across a number of major metropolitan areas in the first quarter of 2011, as measured by the HWS Labor Market Pulse Index, a quarterly barometer of local market healthcare workforce fluctuations.
For the first quarter of 2011, ending March 31, 18 of the 30 markets tracked by the LMPI showed signs of accelerated expansion (versus 14 in the prior quarter). Additionally, the LMPI composite index, a representative measure of the 30 largest job markets, posted a 4 percent increase in the first quarter of 2011 from the 4th quarter of 2010, after a 3 percent decline the prior quarter and a 13 percent drop from Q3 to Q4.
[See also: Healthcare share of employment reaches all-time high.]
“After some sluggishness that mirrored the broader economy, we seem to finally be seeing some meaningful positive movement in the healthcare labor markets,” said David Cherner, managing partner of Health Workforce Solutions, the company that publishes the LMPI. “While not out of the woods yet, we are bullish on the outlook for the rest of the year. Seeing movement in markets that have been stagnant for much of the last year is very encouraging.”
The LMPI showed the near-term demand for healthcare workers to be strongest in Baltimore, Charlotte, and Miami for the first quarter of 2011. The Las Vegas, Cleveland, and San Diego markets ranked at the bottom of the 30 markets tracked.
[See also: Reform to boost healthcare jobs – but not the economy.]
The LMPI tracks elements including temporary health workforce shortages and surpluses, facility and bed closures, announced layoffs and expansions, and local economic trends.
Cherner said the HWS LMPI will be expanded to 60 markets and continue to be tracked on a quarterly basis both individually and in composite indices.