In recent blog posts, I’ve given you a “deep dive” into the seniors housing markets in the Southeast, California and Texas. Today, I’ll provide a high level look at the seniors housing market in the Northeast. For an even deeper dive, check out the original article in the May edition of the NIC Insider Newsletter. The Economy. There are six large metropolitan markets among the 31 NIC MAP® Primary Markets in the Northeast. They include Baltimore, Boston, New York, Philadelphia, Pittsburgh and Washington, D.C.
The Labor Department reported on Friday that nonfarm payrolls increased by a seasonally-adjusted 210,000 positions in April, well above the consensus 190,000 estimate. This followed gains of 79,000 in March, originally reported as 98,000 and 232,000 in February, originally reported as 219,000. The weak March payroll increase appears to have been weather related. Monthly revisions result from additional reports received from businesses since the last published estimates and from the recalculation of seasonal factors. Over the past 4 months, job gains have averaged 185,000 per month, almost identical to the 187,000 monthly pace in 2016.
The public discourse recently has narrowed on the big capital “R” reforms potentially coming down from the federal government on states regarding their Medicaid funding. Meanwhile, states themselves have a lot on their plates regarding Medicaid, despite the uncertainty of the future of the program and its financing. Some states, like North Carolina and Kansas, are still grappling with Medicaid expansion. Others are moving to managed Medicaid in a big way or making reforms to preempt the potential loss of federal funds for the program. The following is a sample of states with reforms on the horizon.
The preliminary data for seniors housing and care Q1 2017 transactions volume showed a significant uptick from the prior quarter. Volume totaled $4.4 billion in the first quarter. The increase in volume was mainly driven by the public REIT divestitures and the institutional players, namely Blackstone, stepping in to acquire properties.