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Aging in place in upstate New York
Seniors may find it hard to age in place as they grow older because of a growing disparity between the features of the houses they own and the housing they need. The resulting change in demand for housing products and services is of particular significance in upstate New York, where the majority of seniors are homeowners and the housing stock is dominated by older, single-family homes.
The demand for local services and infrastructure created by an aging population
Upstate New York, with a growing senior population, is seeing an increase in the number of frail and disabled elderly who rely on local services and infrastructure and are concentrated in the inner cities and older suburbs. While local governments and institutions will face greater pressure to provide services and infrastructure to this expanding segment, the challenge may prove especially difficult for many upstate communities, given their environment of slow economic growth and fiscal stress.
Baby-boom retirements and emerging labor market pressures
As the baby-boom generation begins to retire, employers in upstate New York will be confronted with the dual pressures of replacing these workers and filling new jobs created in growing segments of the economy. An analysis of projected hiring rates in the region suggests that although there will be demand for workers in all occupations, employers may face a particular challenge filling positions in growing services occupations with relatively high retirement rates, such as health care, community and social services, and education.