SENIOR LIVING
EMPLOYMENT ON THE RISE
Employment in the senior living industry declined in 20 of the first 21 months of the coronavirus pandemic. In total during this period, nearly 107,000 jobs were cut from payrolls. This repre- sented an 11% staffing reduction from the senior living industry’s pre-pandemic level in February 2020. After reaching a low point in November 2020, senior living
employment rose in 3 of the next 5 months – restoring nearly 7,000 jobs to payrolls. While the recent increase is a positive sign, the senior living industry is still 100,000 jobs – or 10.2% – below its February 2020 pre-pandemic level.
During the first 2 months of the pandemic, the overall private
sector lost 21 million jobs – or 16.2% of the entire workforce. Private sector employment started recovering much faster than for the senior living industry, with significant job restoration starting in May 2020. As of April 2022, the private sector is only 500,000 jobs – or 0.4% – below its pre-pandemic employment level. Employment in industries related to senior living is at vary-
ing stages of recovery. The retail (+1.8%) and home health care (+0.7%) sectors already surpassed their pre-pandemic staffing levels. Hospital employment remained 1.8% below February 2020 readings, while the restaurants and accommodations (-8.3%) and skilled nursing (-15.2%) sectors remain significantly below their pre-pandemic levels.
Senior Living Industry Remains 100,000 Jobs below February 2020 Level Employment Trends from January 2000 to April 2022: Senior Living Industry vs Total U.S. Private Sector
210
120 130 140 150 160 170 180 190 200
100
90 110
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Source: Argentum analysis of data from the Bureau of Labor Statistics; figures are seasonally adjusted 2018 2019 2020 2021 2022 Senior Living Industry Employment
Down 100,000 Jobs from February 2020 (-10.2%)
Total U.S. Private Sector Employment
Down 500,000 Jobs from February 2020 (-0.4%)
20 SENIOR LIVING EXECUTIVE SEPTEMBER/OCTOBER 2022
Indexed Employment Level: January 2000 = 100
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