The Labor Department reported on Friday that nonfarm payrolls increased by 235,000 positions in February, above the consensus 200,000 estimate. Revisions to December and January preliminary estimates added 9,000 more jobs than initially reported. Monthly revisions result from additional reports received from businesses since the last published estimates and from the recalculation of seasonal factors. Over the past 3 months, job gains have averaged 209,000 per month. Employment in health care rose by 27,000 in February. Over the past 12 months, the sector has added an average of 30,000 jobs per month.
Today’s consumers have high expectations. They demand quality products and services delivered in a timely, cost-effective, and convenient fashion. That’s why evidence-based quality measures have become so crucial, especially in the seniors housing and care industry. Consumers want a way to judge whether they can expect to receive high-quality care in a comfortable setting. Likewise, hospitals, physician groups, payors, and even lenders want proof that the care being provided creates better outcomes at a lower cost.
The NIC Map Data Service recently released national benchmark data through year-end 2016 for actual rates and leasing velocity. Key takeaways include: Average initial rates were below average asking rates for both independent living and assisted living properties, with monthly spreads larger for assisted living properties throughout the entire reported period.
Texas is no stranger to seniors housing. Of the 140 markets tracked by the NIC MAP® Data Service (NIC MAP), 6 are in Texas: Austin, Dallas/Fort Worth, El Paso, Houston, McAllen, and San Antonio. Two of those are among the largest metro areas in the nation. In this blog post, I give you an analysis of Texas’ seniors housing market and several key takeaways about its performance. Takeaway #1: Population and Job Growth Texas’ population is on the rise, and the state’s larger metropolitan areas are “growth markets.” Pure growth (both population and employment) in addition to pro-growth attitudes and regulations, land availability, and relatively affordable costs of living and doing business have stoked development in many of the urban areas of Texas.