The nation’s 73 million baby boomer population is aging, helping boost revenues of select industries designed to help them navigate their later years.
The U.S. Census Bureau projects that in 2050, the U.S. population ages 65 and over will be 83.9 million, nearly double what it was (43.1 million) in 2012. Baby boomers, who began turning 65 in 2011, are largely responsible for the nation’s swelling older population.
Assisted Living Facilities for the Elderly saw a 34.4% increase in revenue from 2013 to 2020. Home Health Care Services experienced an even larger increase – 50.5% – during the same period.
The Service Annual Survey (SAS) provides data across select service industries that serve the nation’s elderly – and experienced an increase in revenues from 2013 to 2020.
Five key health care industries:
The 2020 SAS shows estimated revenues for employer firms across this series of select Health Care and Social Assistance services for seniors rose from 2013 to 2020.
For example, Assisted Living Facilities for the Elderly saw a 34.4% increase in revenue from 2013 to 2020. Home Health Care Services experienced an even larger increase – 50.5% – during the same period (Table 1).
Revenue growth for employer firms in each industry:
The growth in revenue across these selected industries may offer insight into the care choices the nation’s seniors and their families are making.
Adam Grundy is a supervisory statistician in the Census Bureau’s Economic Management Division.
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