Connecticut’s aging population could mean economic difficulties in the future for the state. More services will be required to help families manage the needs of elderly loved ones, putting a strain on state and nonprofit agencies.
The Commission on Aging’s report states that the aging population “will challenge our state’s creativity, policies and budgets as they increasingly outlive their financial resources despite working longer.”
A recent article in The Atlantic highlighted some of the problems facing the real estate market as Connecticut ages, citing declining median home values as seniors increasingly sell their homes to either move south or seek smaller homes. “For the state as a whole median home values are down 18 percent from their 2004 peak. By contrast, home values nationwide are down just 5 percent from their 2005 peak.”
Compounding the effects of the aging population is the fact that older people are living longer and young people ages 18 to 24 are fleeing the state. Young people comprise the largest segment of Connecticut residents leaving the state, according to the Connecticut Economic Competitiveness Diagnostic.
Brendan Miller of BizQuest says that the rankings are generated through their online marketing platform and are based “on what franchises are being looked at, which are creating leads and which are getting the most interest.”
Although major franchises such as McDonalds are not factored into their report because they maintain their own franchising platforms, BizQuest’s figures reflect more regional and state-specific business interests.
According to BizQuest’s numbers, more and more business-minded people are turning to senior and elderly care as a way to capitalize on the state’s changing demographics.