The mix of jobs in a metropolitan area has significant impacts on the local apartment market. For this reason, MPF Research has identified five U.S. metros that have outsized exposure to certain industries. The data for these rankings were obtained via the Bureau of Labor Statistics as of March 2015. In this blog series, we’ll take a deeper look at the five metro areas and highlight unique characteristics that drive the employment makeup of each metro. We’ll also a few other “runner up” metros that also have outsized exposure these five employment industries.
Taking one of the five spots on our list of the top industries that have outsized exposure in certain metropolitan areas is Providence, Rhode Island. In Providence, 17.6% of its employees work in the Heath Care and Social Assistance industry as of March 2015. That percentage translates into 98,700 Health Care and Social Assistance workers.
There are four subsectors that make up that 17.5% within the Health Care and Social Assistance industry: Ambulatory Health Care Services, Hospitals, Nursing and Residential Care Facilities, and Social Assistance. Of those four industries, Ambulatory Health Care Services contains the largest chunk of employees (5.5%), followed by Hospitals (4.9%), Nursing and Residential Care Facilities (3.9%) and Social Assistance (3.2%).
It is pretty clear that Providence’s economy is dependent on health care/social assistance. This is considered one of the more stable but slower growth industries (when compared to leisure/hospitality or government).
Let’s first define the four different subsectors that make up the Health Care and Social Assistance segment (according to the Bureau of Labor Statistics):
- Ambulatory Health Care Services: Provide health care services either directly or indirectly to ambulatory patients. Health practitioners in this sub-sector provide outpatient services. Examples include doctor, dentist, and other health practitioner offices, outpatient care centers, medical and diagnostic labs, and home health care services.
- Hospitals: Provide medical, diagnostic, and treatment services which include physician, nursing, and other health services to inpatients. As a secondary activity, hospitals may provide outpatient services. Examples include general medical and surgical hospitals, psychiatric and substance abuse hospitals, and other specialty hospitals.
- Nursing/Residential Care Facilities: Provide residential care that includes either nursing, supervisory, or other types of care as required by residents. Examples include nursing care facilities, mental health and substance abuse facilities, community care facilities for the elderly.
- Social Assistance: Provide a plethora of social assistance services directly to a client. Examples include individual and family services, community food and housing, emergency and other relief services, vocational rehabilitation services, and child day care services.