In a significant development for the health care industry, nursing and residential care facilities experienced the highest wage growth among all health care settings in April, with an impressive 4.5% increase year over year. This remarkable growth was highlighted in recent economic indicators briefs published by Altarum, reflecting the evolving dynamics within the sector.
Wage Growth Across Health Care Settings
While nursing and residential care facilities led the way with a 4.5% wage increase, other health care settings also saw notable growth.
Ambulatory health care services experienced a 3.2% increase, and hospitals followed closely with a 3.1% rise.
These figures underscore the competitive nature of wage growth across various health care environments, driven by the need to attract and retain skilled professionals in a challenging labor market.
Job Growth Amid Economic Uncertainty
Despite a “cool month” for the broader economy, the health care sector added 56,200 jobs in April, accounting for 32% of all new jobs across the economy.
Within this sector, nursing and residential care facilities contributed 9,300 jobs. Specifically, nursing care facilities added 3,700 jobs, while other nursing and residential care facilities added 5,600 jobs.
However, the sector’s employment levels are still recovering from the impact of the COVID-19 pandemic. Employment in nursing and residential care facilities remains 109,700 jobs (3.2%) below pre-pandemic levels. Factors such as staffing shortages have contributed to this contraction.
Steady Job Growth Since April 2022
Despite these challenges, the nursing and residential care, hospital, and ambulatory industries have seen a steady increase in job growth since April 2022. This trend highlights the resilience of the health care sector and its critical role in the economy, even in the face of sector-specific drawbacks.
The Road Ahead
The data from April highlights the ongoing challenges and opportunities within the health care sector, particularly in nursing and residential care facilities. The significant wage growth in these settings is a positive sign, indicating a response to the critical need for skilled professionals to provide quality care.
At Full Spectrum Search Group, we understand the complexities of the health care job market and the importance of staying informed about industry trends.
Whether you are a health care professional seeking new opportunities or a facility looking to hire the best talent, staying updated on industry developments is key. We are committed to providing the insights and support you need to thrive in this dynamic environment.
If you’re interested in learning more about Full Spectrum Search Group and retaining an executive search firm for your hiring needs, connect with Full Spectrum.
