New York’s graying workforce: Residents over 65 are holding onto jobs longer and driving healthcare to become one of the ‘fastest-growing’ sectors
“Demographic shifts are driving demand for health care and social assistance, making this the fastest growing sector in the labor market,” the recent report explains.
Key points
- On top of that, America’s oldest working cohort is delaying retirement to make ends meet; a 2022 study from New York’s Office of Budget Policy and Analysis found that residents aged 65 and up were the only group that showed significant labor growth over the 10 years.
- And the combination of a shrinking labor pool and an increasingly older workforce isn’t unique to New York; across the U.S., baby boomers are staying on the job well past traditional retirement age, reshaping what it means to leave the workforce for good.
- Now, Americans plan to work for four years longer than they’d wish to keep their heads above water amid a high cost-of-living and surging healthcare expenses, according to 2026 research from Economist Enterprise.
Hiring will remain sluggish through next year, the report forecasts, and workforce growth will be subdued because of New York’s shrinking, graying population.
America’s graying workforce: baby boomers are staying afloat by keeping their jobs The number of those who are working past 65 has quadrupled in the U.S.
Additional details
- Beyond using employer-provided healthcare for as long as possible and keeping their schedules full, Americans are working longer because they worry their savings could run dry.
- Workers from across the country have long flocked to New York to chase dream jobs and lock down six-figure salaries—but now the opportunity landscape has changed.
- “These trends will likely restrict employment growth, but unemployment rates should remain stable.” Currently, 19.3% of New York’s population is 65 and older—up from 15% a decade ago—according to Hochul’s mid-year report.
- Meanwhile, job growth in leisure and hospitality, manufacturing, and construction is expected to remain weak due to high interest rates and a slowing economy.” Now, New York is struggling to expand its pool of available workers even as businesses pull back on hiring.
- And Larry Fink, the company’s CEO, said that “almost no one” is close to reaching that goal; BlackRock’s study found that 62% of respondents had less than $150,000 saved for retirement—about 7% of the $2.1….
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