Healthcare Jobs and the Economy
We are all aware that job growth in the current economic recovery has been tepid. The one industry where job growth has prospered over the last decade is healthcare. According to Brookings, the healthcare industry has added 2.6 million jobs nationwide in the last 10 years which is a 22.7% employment growth rate over the period as compared to 2.1% for all other industries.
In Houston, the Texas Medical Center and healthcare plays a huge role in the local economy. Over the past 12 months, educational and healthcare services has added 13,900 jobs in the Houston metro, according to data compiled by the Greater Houston Partnership. While energy gets most of the credit for Houston’s strong job growth which has expanded at a 7.0% growth rate, healthcare jobs have expanded in the Houston area by 4.3%.
The implementation of the Affordable Care Act and Houston’s growing population has hospital systems and healthcare providers pushing out to the suburbs with new facilities to meet increasing demand and provide more accessible patient care. Whether a new suburban hospital campus, free-standing emergency facilities, urgent care or primary care clinics, you can expect to see substantial new healthcare facility construction and leasing activity from healthcare providers to meet Houston’s rapidly expanding population and with it will come new jobs.
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