Real estate developer Joe Simone says that a recent U.S. Census report demonstrates how aging Baby Boomers are driving growth in healthcare real estate and jobs.
“The expansion of healthcare complexes nationwide is partly due to the aging Baby Boomers, who as they age require more medical services,” said Joseph Simone, President of the Simone Development Companies, a leading developer of healthcare facilities. “The oldest Baby Boomers are now 75. I foresee the demand for nursing homes, assisted living, rehabilitation centers and ambulatory facilities to quickly grow to accommodate a surge in the elderly population.”
U.S. Census reported last month that from 2010 to 2019, the percentage of the population 65 and older grew nationally (from 13.1% to 16.5%) in all 50 states and the District of Columbia. This growth in the elderly population is affecting the national job market. According to the U.S. Bureau of Labor Statistics, registered nursing is listed among the top occupations in terms of job growth. Employment of registered nurses is projected to grow 7 percent from 2019 to 2029, faster than the average for all occupations.
“All these new nurses will find employment in new or expanded healthcare complexes. Real estate developers will be very busy over the next decade delivering new buildings where the growing ranks of health practitioners will work,” said Simone.
Healthcare providers are already positioning themselves to receive the aging Baby Boomers, who demand convenience and amenities. Simone Development Companies renovated Mount Sinai Doctors’ 80,000-squar-foot facility in Greenlawn, NY to create a modern physical plant that conforms to current design standards and provides a high-quality patient experience.
“Healthcare real estate developers must take the Census and BLS numbers seriously and identify new building sites,” said Simone. “Yesterday’s doctors’ offices are not equipped to handle the coming wave of aging Baby Boomers.”