There were approximately 35 million Americans who were age of 65 or older in 2000. The U.S. Census Bureau projected that by the year 2030 approximately 71.5 million Americans will be over the age of 65. That means the percentage of people 65 or older will more than double from 2000 and will make up nearly 20% of the entire projected U.S. population.
The impact this surge in the elderly population will have on our communities will be unprecedented. Some will have family and friends around to help care for them. Others will not be so fortunate and will have to rely on community organizations, institutions or some other form of assistance. Most communities do not have the capability currently to provide assistance to everyone that will need it. In order for us to meet the needs of our older citizens, our communities will have to change. This means new ways for them to get where they need to go, new (and more) ways for them to get medical care and new ways for them to get help with day-to-day tasks they may no longer be able to do by themselves.
This need will create incredible opportunity for local businesses
As the aging market evolves, how are you planning on positioning yourself to capitalize on new opportunities? What are you capable of doing in your town that will get you in front of these potential clients? What are you willing to do?
This is where the rubber meets the road. Many communities will go through extreme (and in some cases rapid) changes in an attempt to create an infrastructure that can support the increase in older citizens. It’s going to be painful; for consumers, organizations and, yes, for local businesses.
It is a new game; like the old game, with similar rules and but more riding on the outcome. As business goes, the winners aren’t necessarily going to be those local companies that have the best deals, the largest inventory or fanciest equipment. They will be those businesses leading, educating, serving … those that aren’t afraid to step up and help create the solutions a community needs.
And that, in my opinion, is why professionals gaining an understanding of the plight our communities will face is so vitally important. Having that knowledge and acting on it for the greater good (which will, subsequently, benefit your bottom line) will be what separates those that are incredibly successful from the rest.
And, THAT is the concept we’re going to tackle right here on AgeInPlacePros.com. So, stay tuned. Things are going to get interesting very soon.
Please post your thoughts below.
Sources:
U.S. Interim Projections by Age, Sex, Race, and Hispanic Origin: 2000-205, http://www.census.gov/population/www/projections/usinterimproj/
US Census, Facts for Features, January 2006, http://www.census.gov/Press-Release/www/releases/archives/facts_for_features_special_editions/006105.html
