Trends in Employment Across Related Industries
Number of Jobs: Q4 2016
Senior Living Industry
Continuing Care Retirement Communities Assisted Living Communities
Skilled Nursing Hospitals
Home Health Care Retail Trade
Restaurants and Accommodations Total U.S. Private Sector
896,700 478,000 418,700
1,648,300 5,076,200 1,384,300 16,170,000 13,384,500
123.5 million
Q4 2015 to Q4 2016
1.5% 1.3% 1.7%
-0.3% 2.4% 3.2% 1.1%
2.3% 1.7% Source: Argentum analysis of data from the Bureau of Labor Statistics; figures are seasonally adjusted 2015 to 2016
2.1% 2.1% 2.2%
-0.3% 2.6% 3.6% 1.4% 3.0%
1.9% 2014 to 2015
3.5% 3.8% 3.1%
-0.1% 2.3% 4.1% 1.6% 3.2%
2.3%
Senior Living Industry Is An Engine of Economic Growth The senior living industry continues to be one of the strongest job creators in the economy. Between January 2000 and De- cember 2016, employment in the senior living industry nearly doubled: the 428,000 jobs added during this period represented an increase of 91 percent. In comparison, total employment in the nation’s private sector rose by just 11 percent during this 17-year period. Even during the challenging economic
decade of 2000 to 2010 that included two recessions, senior living employment contin- ued to rise. The senior living industry added 259,000 jobs between January 2000 and Jan- uary 2010, which represented an increase of 55 percent. In contrast, the nation’s private sector shed 3.1 million jobs during the same ten-year period – a decline of 3 percent. Coming out of the Great Recession, se- nior living continued to drive growth in the U.S. economy. Senior living communities added a net 166,800 jobs since the employ- ment recovery started in March 2010, an increase of nearly 23 percent.
In comparison, the nation’s private sec-
tor has added 15.8 million jobs during the economic recovery, which represents an increase of about 15 percent.
Job Growth Slows in Related Industries; Home Health Sees Strongest Gains Similar to the senior living industry, job growth in related industries slowed in recent quarters. The home health care industry con- tinued to register the strongest gains among the related industries, with employment ris- ing 3.2 percent between the fourth quarters of 2015 and 2016. Although the gain was nearly twice as strong as the 1.7 percent gain in total private sector jobs, it represented the home health care industry’s slowest employ- ment gain in more than two years. The hospital sector also posted job growth
above the private sector in recent quarters. Hospitals added jobs at a 2.4 percent rate between the fourth quarters of 2015 and 2016, which ranked second out of the five related industries (home health, hospitals, skilled nursing, retail, and restaurants and accommodations.) Overall in 2016, hospi-
tals added jobs at a 2.6 percent rate, which represented the sector’s strongest annual employment gain since 2002. In contrast to the gains in the home health care and hospital sectors, employ- ment in skilled nursing declined in recent quarters. In total for 2016, the number of jobs in the skilled nursing industry declined 0.3 percent. This represented the fifth con- secutive year of job losses in the sector. The restaurants and accommodations
industry added jobs at a 2.3 percent rate be- tween the fourth quarters of 2015 and 2016. Although this sector’s job growth remained above the overall private sector, it slowed for the third consecutive quarter. Despite the recent slowdown, the restaurants and accommodations industry added jobs at a 3 percent rate in 2016 – the fifth consecutive year with job growth of at least 3 percent. Retailers added jobs at a 1.1 percent rate
between the fourth quarters of 2015 and 2016, which marked the sector’s slowest gain since the first quarter of 2013. Overall in 2016, retail employment rose 1.4 percent, which represented the sixth consecutive year of growth below the private sector.
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