CAMDEN CONSTRUCTION COUNTY OVERVIEW
affordability to homebuyers of varying needs coupled with a litany of municipalities suitable for a thriving family dynamic. Though not immune to rising costs of properties and construction, largely buoyed by low interest rates, an active housing market, low supply figures and supply-chain disruptions, Camden County’s affordability factor has remained resilient in the face of the real estate frenzy sweeping the nation. Considered a suburb of Philadelphia, the Camden County median single-family sales price stands at approximately $267,000 as of May 2021. That is a 27.5% increase yearover-year with a supply of inventory whittled to an average of 1.1 months, according to New Jersey Realtors®. In a sweeping effort to improve the local housing stock, several residential redevelopment projects are happening across the county to renovate and improve neighborhoods that previously were considered a public safety concern. Leveraging federal and state dollars in the process, and armed with a $15 million state grant, the city of Camden took the lead on this front in July by knocking down approximately 300 homes to make way for new homes or open spaces. “We have some strong CDCs and nonprofit developers in Camden, and we want to help build their capacity so they can create affordable housing options within our neighborhoods,” Carstarphen told Invest:. Razing blighted properties goes hand-in-hand with the city’s public safety improvements in an effort to turn the page on its past. In 2021, the city of Camden experienced its lowest crime rate in 50 years. Similarly, the county announced a $35 million investment to transform the Ablett Village community in Cramer Hill, one of the county’s first public housing projects. Using Housing and Urban Development funding, the city of Camden, its housing authority and developer The Michaels Organization, envision approximately 425 new affordable homes and apartments, community amenities and attractive green spaces. Eds and meds Guided investments in Camden County’s growing eds and meds corridors complement the county’s efforts to revitalize local neighborhoods. The Delaware Valley’s robust healthcare, life sciences and education sectors have historically been concentrated across the river in the city of Philadelphia, much to the benefit of the entire MSA. Notwithstanding, institutions such as Cooper University Health Care, Rutgers University-Camden and Lourdes Health System acquired by Virtua in 2019, have served the Camden and South Jersey communities for decades and are the cornerstones of the ongoing renaissance happening in the county.
Anthony Mazzarelli Co-CEO Cooper University Health Care
How is technology revolutionizing healthcare? As an academic health system and teaching hospital, Cooper is committed to providing the most technologically advanced care and developing and adopting innovative technologies to make care delivery more efficient, improve safety, improve patient experience and outcomes, and reduce costs. One example of this was the launch of The Nuance DAX system. Cooper was one of the first health systems in the nation to introduce Nuance DAX, which revolutionizes the physician-patient experience by securely capturing and contextualizing physician-patient conversations. By populating the patient’s electronic medical record through this new AI technology, our physicians spend less time at their computer screens during visits to focus more attention where it’s needed: on their patients. What legislation could impact the sector? President Biden signed an Executive Order promoting cost transparency and competition in different sectors of the American economy. The Executive Order makes several recommendations related to prescription drugs, hospitals and health insurance among others. One significant provision urges greater oversight over hospital mergers to ensure patients are not harmed. The Executive Order also reiterates the Administration’s support for implementing a public health insurance option. All of these recommendations could have a significant impact on health systems. What is your near-term outlook for South Jersey’s healthcare sector? Healthcare will continue to see dynamic change on a number of fronts from governmental policy changes to medical technologies to increased consumerism. The pandemic will continue to affect public health for the foreseeable future as there remain many unknowns related to COVID-19. There will be much more attention paid to strengthening our state’s health care system to be prepared for any new health care crises. www.capitalanalyticsassociates.com
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