State of

During the most recent Argentum Public Policy Institute meeting in Washington D.C., Argentum shared the latest “State of the State” demographic information for senior living (e.g., assisted living, memory care, independent living, and CCRCs). This data included the number of ALF residents per state, the industry’s economic impact, and impact from Medicaid and productivity savings, as well as the total number of assisted living workers that will be needed by 2040.

Florida is the second most impactful state for the senior living industry, behind California. For example, Florida’s senior living industry:

• Currently serves almost 150,000 residents, residing among 3,000 ALFs, 767 memory care communities, 700 independent living facilities, and 75 CCRCs.

• Generates a $14.5 billion economic impact, consisting of 57,000+ jobs directly supported, 53,000+ jobs indirectly supported, $647 million in government revenue, and $82.4 million in social responsibility. Florida’s senior living economic impact is greater than hotels, accounting, and electric power distribution.

• Saves $9 billion annually in Medicaid entitlements by providing a private pay alternative to expensive, taxpayer funded nursing homes (estimating that 61% of residents would be forced to skilled nursing facilities if ALFs were not an option).

• Enables over $17 billion in productivity savings by allowing the families to remain in the workforce, as opposed to taking time off or leaving their job to take care of their loved ones.

Unfortunately, with the good comes the bad. Projections show that the struggles with Florida’s senior living workforce shortage will likely get worse. Florida currently has the highest percentage of seniors in the nation. This will continue to increase, and by 2040 more than 25% of Florida’s population will be over 65, resulting in a need of over 230,000 ALF staff alone (an increase of over 170,000 jobs).

Over 90% of senior living residents report high satisfaction. Over 85% of families report high value in senior living. 95% of senior living residents feel safe. Finally, moving to senior living resulted in 70% of seniors reporting an improved health outlook and 75% reporting a improved quality of life.

To keep assisted living viable, the senior living industry will need: increased investments in workforce development, including existing recruitment, training and retainment programs and engaging foreign-born workers; and increased access and affordability of senior living so more Americans can plan and meet their caregiving needs.

1 The number of seniors who reside in senior living (including assisted living, memory care, independent living, and continuing care) communities

2 The total value of direct spending as well as the indirect and induced spending associated with assisted living operations

3 The amount of spending incurred by Medicaid if assisted living were not an option (assumes 61% of seniors would be forced to skilled nursing facilities (SNFs)

4 Assisted living allows more family members to remain in the workforce, reducing lost productivity and absenteeism ($43 9 B direct impact, $221 B lost productivity)

5 The total number of assisted living workers across, across all occupations, that will be needed by the year 2040.

6 The total number of long-term care workers, across all occupations, that will be needed by the year 2040.

Seniors Served

Residential Communities

Florida has the highest percentage of seniors in the nation. by 2040, more than 25% of florida’s population will be over 65.

145,554

3,131

Caregivers & Other Employees 111,100

Workers Needed by 2040

232,800

Economic Impact $14.5 Billion