A continuation of the AVMA’s 2013 U.S. Veterinary Workforce Study shows that many aspects of the veterinary employment picture are improving, according to preliminary information released Tuesday at the AVMA’s Annual Economic Summit. A final report detailing the findings will be released in January 2015 as the first installment of an ongoing AVMA series of articles exploring veterinary economics.
“The work presented at the 2014 Veterinary Economic Summit represents the first effort of moving beyond the ‘one-time’ workforce study by attempting more sophisticated analysis,” Dr. Michael Dicks, AVMA director of veterinary economics, states in an AVMA press release highlighting the association’s most recent findings. “Many of the past studies have relied on assumptions where data or economic relationships are missing. This summit replaces some of those assumptions with economic relationships acquired through quantitative analysis that uses data gathered from veterinarians in surveys.”
Among the findings:
- Job growth will continue through 2025 with an accompanying drop in excess capacity.
- Total excess capacity has dropped since 2012 and should be under 10 percent for the foreseeable future.
- The percent of veterinary practices working at full capacity is up considerably, from 35 percent in 2012 to 50 percent in 2014.
- Veterinary unemployment is at 3.4 percent, which is lower than the U.S. national rate of 6.1 percent and lower than even historically low unemployment levels.
No other group has studied the veterinary workforce to the extent we have, and no other group has ever produced this type of data. This information is critical if the veterinary profession is going to have informed, authoritative discussions about the state of the veterinary markets and what we can do collaboratively to improve them.
The AVMA provides valuable veterinary economics information to our members as a free member service. By visiting our Exploring Veterinary Economics webpage, you’ll find a rich collection of articles written by our Veterinary Economics Division that cover such topics as supply and demand, pricing strategies, the market for veterinary services and veterinary salaries. You’ll find topics addressed in a frank, informative way so that you can better understand the many factors at play in our profession and how they might impact the bottom line.
Our Economics & Finance webpage also provides many other member resources that we hope help you navigate the economic waters, because we understand that while compassion, caring and high-quality care keep the clients coming in the door, there’s more than that to paying the bills.
If you want to get immediate notices about what’s new across all of our veterinary economics resources, we also invite you to take advantage of our Veterinary Economics Alerts, which are designed to keep you informed about economic issues and AVMA-produced data regarding the veterinary business sector. The alerts will be delivered to your inbox hot off the presses, so sign up today at our Email Subscription Center to start receiving your alerts now.