As 2025 closes, the healthcare labor market looks more stable than it has in several years.
Volatility eased.
Requisition volume moderated.
Operational discipline increased.
But cost pressure did not meaningfully retreat.
The 2025 Year in Review Demand Report, also known as our January Demand Report, reveals a market that has transitioned from reactive to disciplined, yet remains structurally constrained.
Across nursing and allied segments, open order volume trended downward through the year, with the most pronounced softening in Q4. Nursing volumes, in particular, declined steadily. Under normal market dynamics, that type of utilization moderation would lead to pricing relief.
It didn’t. Average bill rates held constant through the second half of the year.
Lower demand did not equate to lower cost.
Access to experienced clinicians remains constrained, even in a moderated environment.
Nursing volumes declined, but pricing held firm after a mid-year reset. The data suggests strategic utilization discipline, not reduced reliance on contingent labor. Structural shortages and patient acuity continue to support premium rates in high-pressure markets.
Allied demand remained stable throughout the year, with bill rates showing minimal year-over-year change. While specialty pockets may see pressure, the broader allied segment enters 2026 balanced.
Demand and pricing remain concentrated in high-acuity states. National averages mask market-specific exposure. For multi-state systems, workforce risk is uneven. Budgeting to national benchmarks can underestimate cost in core markets.
Geography, more than seasonality, is now the defining variable.
The directional trend is consistent across weekly, monthly, and multi-year views:
Utilization is disciplined and needs-based.
Nursing pricing appears durable.
Allied remains stable.
Market-level planning will matter more than national averages.
The market is calmer. It is not cheaper.
The complete 2025 Year in Review Industry Demand Report includes:
One-year and four-year trend analysis
State-level pressure segmentation
High-risk and emerging-risk market identification
Data-backed expectations for 2026
For leaders refining 2026 budgets and workforce strategy, the full analysis provides critical context.
Complete the form to download the full 2025 Year in Review Industry Demand Report to explore the data in detail.