Business Environment | COVID-19 | Senior Housing | Workforce
By: Beth Mace | April 01, 2022
As the economy continues to move back toward normalcy and away from the pandemic, the Labor Department reported that nonfarm payrolls rose by 431,000 in March 2022. The data suggest that the war in Ukraine and the surge in oil prices has not dampened hiring activity.
Business Environment | COVID-19 | Economic Trends | Market Trends | NIC MAP Vision
By: Beth Mace and Omar Zahraoui | March 17, 2022
The pandemic disruption in all its forms continues to test and challenge the senior housing sector. But the level of agility, preparedness and responsiveness among senior housing operators has never been higher and remains a tailwind for senior housing demand, as measured by the change in occupied stock. In this analysis, we examine the drop and subsequent recovery in the level of occupied units by majority property type since the pandemic began to influence the senior housing sector, over the period from 1Q 2020 to 4Q 2021, and across the 31 NIC MAP Primary Markets and the 68 NIC MAP Secondary Markets Aggregates.
COVID-19 | Market Trends | NIC MAP Vision | Senior Housing
By: Omar Zahraoui | March 10, 2022
Despite the headwinds created by the Omicron surge and the consequential staffing crisis, senior housing stabilized occupancy for the NIC MAP® Primary Markets held its ground in February 2022. This was also the case in September 2021 when occupancy withstood the Delta surge and was unchanged from August 2021.
COVID-19 | Executive Survey Insights | Market Trends | Workforce
By: Lana Peck | March 10, 2022
As the pandemic eases and occupancy recovery in senior housing progresses, rising operating expenses may limit the degree to which operating margins will grow in the next six months. In the Wave 38 survey, three-quarters of respondents expect margins to increase; the majority anticipate the increase will be between 1% and 5%. Nearly three-quarters of respondents are optimistic that labor and staffing challenges will begin to ease in the second half of 2022 or 2023. Currently, all respondents are paying staff overtime hours and four out of five rely on agency or temp staff to fill in the gaps. About one-half do not expect their reliance on agency or temp staff to change in 2022; however, 40% anticipate it will decrease.
