NIC’s recent acquisition of VisionLTC and creation of NIC MAP Vision integrates the market-leading NIC MAP® Data Service with VisionLTC’s best-in-class data for investors, owners, and operators to provide significantly deeper and broader data for industry stakeholders.
“On one hand, the market fundamentals continue to show signals of progress due to the availability and widespread distribution of the COVID-19 vaccine among America’s seniors—on the other hand, staffing challenges and wage pressures are continuing to put strain on NOI for many operators. These data from the Wave 25 survey support trending improvement in the pace of move-ins and in occupancy rates across each of the care segments. However, staffing shortages that were experienced by many operators prior to and exacerbated by the pandemic persist. Currently, two-thirds of organizations report staffing shortages within their portfolio of properties. Adding to the challenge, nearly all respondents to the Wave 25 survey were paying staff overtime hours, and four out of five organizations were tapping agency/temp staff. The Wave 26 survey currently collecting data will explore strategies operators are implementing to attract staff.” –Lana Peck, Senior Principal, NIC
The first Friday of the month at 8:30 ET is widely anticipated as the Labor Department presents a fresh gauge of the most recent economic performance in its release of the labor report for the prior month. Today’s number was even more closely watched since it indicates how quickly the economy is bouncing back from the year-long pandemic. In its release, the Labor Department reported that nonfarm payrolls rose by 916,000 in March and that the unemployment rate edged lower to 6.0% from 6.2% in February. The jobless rate remains 2.5 percentage points above the pre-pandemic level of 3.5% seen in February 2020, but well below the 14.7% peak seen in April. Despite the February increase, job levels are 8.4 million (5.5%) below the pre-pandemic levels of February 2020. The consensus estimates for February had been for a gain of 660,000. Private service-producing jobs increased by 780,000, led by a rise of 280,000 jobs in leisure and hospitality payrolls as pandemic-related restrictions began to be relaxed and restaurants re-openings occurred. The resumption of in-person learning translated into a combined 190,000 increase in state, local government, and private education employment. Health care added 11,500 jobs in March. Within healthcare, nursing care facilities gained 1,700 jobs in March.
A lot of attention has been paid to the occupancy challenges that seniors housing operators have faced since the COVID-19 pandemic began in early 2020. This blog focuses on the impact of the pandemic on occupancy by operator size. We conclude that single-property operators generally saw smaller occupancy declines during 2020 than very large operators. New supply, as well as pandemic-related changes in the rates of move-ins and move-outs, contributed to this disparity.