Sharing a commitment to advancing diversity, equity, inclusion, and belonging (DEIB) in the senior living industry, Argentum, the American Seniors Housing Association (ASHA), and NIC earlier this year formed the Senior Living DEIB Coalition to empower businesses operating in and around senior living.
The U.S. Bureau of Labor Statistics reported that nonfarm payrolls rose by 263,000 in November 2022 and the unemployment rate remained steady at 3.7%. The November increase was roughly the same as average growth over the prior three months (282,000), but well below the year-to-date average of 392,000 and the monthly average of 562,000 seen in 2021, and higher than the average monthly gains of 164,000 seen in 2019. Market expectations had called for a gain of 200,000 jobs. Revisions subtracted 23,000 positions to total payrolls in the previous two months. The monthly gain paints an image of a still growing, but slowing, labor market.
This article originally appeared in the “Emerging Trends in Real Estate® 2023” report issued by the Urban Land Institute and PwC. Data cited in article as of original publish date; more current data may be available. Major factors influencing senior housing continue to evolve. Some trends are well known while others are still developing. In 2022 and into 2023, trends for senior housing include the following:
The U.S. Bureau of Labor Statistics reported that nonfarm payrolls rose by 261,000 in October 2022 and the unemployment rate rose 0.2 percentage point to 3.7%. The October increase was well below the year-to-date average of 407,000 and below the monthly average of 562,000 seen in 2021. The monthly gain paints an image of a still growing, but slowing, labor market. For perspective, in 2019, job gains averaged 164,000 per month. Revisions added 29,000 positions to total payrolls in the previous two months.