The US Bureau of Labor Statistics released new employment projections earlier the month. A few items jumped out at us from the Bureau's press release:
- “The baby-boom generation moves entirely into the 55-years-and-older age group by 2020, increasing that age group’s share of the labor force from 19.5 percent in 2010 to 25.2 percent in 2020. The 'prime-age' working group (ages 25 to 54) is projected to drop to 63.7 percent of the 2020 labor force. The 16- to 24-year-old age group is projected to account for 11.2 percent of the labor force in 2020.”
- “Over the 2010-20 decade, 54.8 million total job openings are expected. While growth will lead to many openings, more than half -- 61.6 percent -- will come from the need to replace workers who retire or otherwise permanently leave an occupation.”
There are now roughly 76 million Baby Boomers in America. Since January 1, 2011, every day saw another 10,000 Baby Boomers turn 65 years old -- a trend that will continue for the next 19 years. That's 3.6 million people hitting "retirement age" every year, or 36 million in the next decade.
New Hampshire-specific data won't be available for several more months, as state labor officials sift through the national numbers. What implications will these trends hold for the state's economy, job creation picture, and the demand for health care, transportation and other services geared toward an aging population?
For more information about New Hampshire's aging population, see the Center's recent report: "NH's Silver Tsunami: Aging and the Healthcare System."