Senior Living Industry Growth 2016 to 2025 1,200,000 1,000,000 1,000000 800,000 1,380,000 600,000 891,900 400,000 200,000 0 2016 2025
Source: Bureau of Labor Statistics 2016-2026 projections, interpolated to 2025 by Argentum
281,000
Jobs Added 31.5%
Increase 0
New Jobs Created
Occupational Replacement Needs
Total Employees Needed
Source: Bureau of Labor Statistics 2016-2026 projections, interpolated to 2025 by Argentum
500,000 281,000 1,099,000
1,172,900 281,000
Senior Living Will Need to Fill Nearly 1.4 Million Jobs 1,500,000
Senior Living Workforce Projected to Reach Nearly 1.2 Million by 2025 Since “Getting to 2025: A Senior Living Roadmap” was published by Argentum in 2015, the senior living industry has made significant progress toward the target of employing more than 1.1 million people by 2025. Between 2012 (the base year for the original data projections) and 2016, senior living employment rose by roughly 100,000, which was nearly 30 percent of the projected 347,000 jobs that would be added by 2025. Due in part to this steady growth, the em-
ployment outlook is even more positive for the senior living industry. Total employment in the senior living industry is expected to reach nearly 1.2 million by 2025, according to new projections by the U.S. Department of Labor’s Bureau of Labor Statistics (BLS). The projected job growth would repre-
sent an increase of 281,000 jobs, or 31.5 percent, from its 2016 employment level of 891,900. In addition, the projected senior living industry job growth of 31.5 percent is nearly five times stronger than the expected 6.7 percent increase in total U.S. employ- ment between 2016 and 2025. In addition to the 281,000 new senior
living industry jobs that will be created by 2025, Argentum estimates that there will be
an additional 1.1 million job openings that result when employees either exit the labor force or transfer to a different occupation. In total, the senior living industry will need to fill nearly 1.4 million occupational open- ings between 2016 and 2025.
Argentum is keenly focused on finding and
developing a professional, caring workforce to care for the rapidly growing population of America’s seniors. Resources available to ad- dress this issue are available through the Senior Living Works initiative, at
seniorliving.works.
METHODOLOGY OF OCCUPATIONAL REPLACEMENT CALCULATIONS
In addition to the employment opportunities that result when a new job is created, job openings also arise when existing workers separate from their occupations. In fact, the vast majority of job openings result from existing workers leaving their occupations rather than from new jobs being created, according to data from the Bureau of Labor Statistics.
As part of its Employment Projections program, the BLS produces occupational- specific estimates of the annual rates at which workers exit the labor force, due to retirement or other reasons, and workers transfer to different occupations. These rates vary significantly by occupation.
Based on the BLS labor force exit rates and occupational transfer rates, Argentum projected the number of total senior living occupational separations that will occur between 2016 and 2025. These projections of separations were combined with the projections of 2016-2025 employment growth to determine the total number of employees that the senior living industry will need to attract between 2016 and 2025.
Note that these estimates of occupational openings do not include workers who change jobs but remain in the same occupation. For example, a nursing assistant who leaves a job at one community to work as a nursing assistant at another community would not count as a worker in need of replacement.
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