Job Growth Projections in Senior Living Facilities

Job Growth in Senior Living

The job market in senior living facilities is experiencing significant changes, influenced by demographic shifts, economic factors, and evolving care models. Understanding these changes is crucial for anyone interested in pursuing a career in this growing field.

Employment Statistics in Assisted Living

Currently, employment in the senior living industry is projected to reach 8.3 million total jobs by 2040. This represents a 42.1% increase from 2021 levels, with an expected creation of 2.5 million new positions. Additionally, there will be about 18 million job openings due to employees leaving the workforce or changing jobs [1]. The growth in employment is largely driven by the expanding aging population and the increasing need for care services.

Year	Projected Employment
2021	5.8 million
2040	8.3 million

Job Market Trends in Senior Care Facilities

The job market trends for senior care facilities have been uneven, particularly during the COVID-19 pandemic. Significant job losses occurred, with approximately 107,000 positions lost between February 2020 and November 2021 [1]. However, recovery is underway, with robust growth anticipated moving forward.

The industry catering to elderly individuals and those with disabilities is expected to grow by 26.5% from 2023 to 2033, outpacing the national projected growth rate of 4.0% during this period [2]. The demand for home health care services is also projected to rise, with an increase of 20.0%.

The workforce landscape shows that long-term care in home and community-based settings accounted for 4.3 million jobs in July 2024, surpassing the 3.3 million jobs provided in institutional settings [2]. This shift highlights the importance of adapting to meet the needs of an aging population and ensuring that ample support is available for seniors in various living environments.

As these changes unfold, it is essential for both job seekers and industry professionals to stay informed about the evolving job landscape in senior living and the opportunities it presents. For further insights on how the industry is reshaping itself to accommodate the aging population, visit our article on senior living adapts to aging population.

Salaries in Senior Living

In the senior living industry, compensation varies significantly based on the role and responsibilities within the organization. The following sections outline the salary ranges for key executive positions, including the Chief Executive Officer (CEO), Chief Medical Officer (CMO), and Chief Strategy Officer (CSO).

CEO & CMO Salary Ranges

The salaries for top executives can be considerable.

Position	Salary Range
Chief Executive Officer (CEO)/President	$265,000 - $800,000 (Goodwin Recruiting)
Chief Medical Officer (CMO)	$401,815 - $533,863 (Goodwin Recruiting)

The compensation for a CEO can vary widely, influenced by factors such as the size of the facility, geographical location, and the overall performance of the organization. The role of a CMO, which combines medical responsibilities and strategic oversight, also reflects a significant investment by the facility.

Chief Strategy Officer Compensation

The Chief Strategy Officer plays a crucial role in shaping the future direction of senior living facilities.

Position	Salary Range
Chief Strategy Officer (CSO)	$160,000 - $500,000 (Goodwin Recruiting)

CSOs are responsible for developing and implementing strategies to improve operations, enhance service delivery, and remain competitive in the evolving market. As such, their compensation reflects their importance to sustainable growth in the senior living industry.

For those interested in learning more about how the senior living sector adapts to demographic changes, visit senior living adapts to aging population. To understand job market trends over the next decade, check out senior living job market: next 10 years.

Employment Trends in Oregon

Oregon has seen significant fluctuations in its senior living job market over the years. Understanding the trends can provide insights into future job growth projections in senior living facilities.

Job Changes in the Recession

During a two-year recessionary period, Oregon's nursing and residential care industry faced challenges, resulting in a net loss of -3,833 jobs. However, the job market has shown resilience and subsequently gained back these jobs and even more. In 2023, there are approximately 39,596 workers employed across 1,997 facilities in the state.

Year	Jobs Lost	Current Jobs (2023)	Facilities
2021	-3,833	39,596	1,997

Data shows that despite early setbacks during the recession, the workforce in senior living is now on an upward trajectory. For more insights into long-term trends, see the article on senior living job market: next 10 years.

Growth of Assisted Living Facilities

The growth of assisted living facilities in Oregon is noteworthy. In 2023, the number of assisted living facilities reached 1,939 units, almost nine times higher than the number of nursing homes. This signifies a 72.5% increase in assisted living facilities since 2001, while nursing home facilities have only increased by 19.8% during the same period.

Type of Facility	Number of Units	Growth Rate (%)
Assisted Living Facilities	1,939	72.5
Nursing Homes	239	19.8

This rapid expansion of assisted living options highlights a shift in preference among the aging population and indicates a robust job market for future employment in this sector. For further details on regional job trends, visit our article on regional job trends in senior living.

Oregon's long-term care industry reflects how the market adapts to an aging population, pivotal in shaping employment opportunities in senior living environments.

Future Job Projections

Predicted Employment Numbers

The senior living industry is experiencing robust growth in employment opportunities. Projections indicate that by 2040, the sector will achieve a total employment figure of 8.3 million, reflecting a remarkable 42.1% increase compared to 2021 levels. This will amount to approximately 2.5 million new positions being created, alongside 18 million job openings resulting from employees exiting the labor force or transitioning to different roles [1].

Year	Total Employment in Senior Living	Increase (%)
2021	5.8 million	-
2040	8.3 million	42.1

By 2040, the demand for jobs in long-term care settings will be even higher, with an estimated 20 million job openings in the broader category, of which 3 million will specifically be in senior living. This necessitates a strong focus on recruitment and retention strategies in the industry [1].

In-Demand Roles in Senior Living

As the senior living sector expands, certain roles are anticipated to be in higher demand. By 2040, the following positions will see the greatest need for workers:

Job Title	Projected Number Needed
Home Health and Personal Care Aides	1,000,000
Nursing Assistants	488,800
Food Servers	219,200
Cooks	155,200
Housekeepers	135,600

These projections highlight not only the scale of employment growth but also the specific roles that are critical for maintaining quality care in senior living settings. Employment in services for the elderly and people with disabilities is expected to grow by 26.5% from 2023 to 2033, considerably outpacing the national growth average of 4.0% during the same period [2].

With the aging population and increasing demand for long-term care options, particularly in states like Oregon where the population aged 75 years and older is projected to rise significantly, the need for skilled professionals in senior living will become paramount [3]. As the industry evolves, understanding these trends is essential for job seekers and stakeholders who wish to engage with this vital sector. For more insights on how job growth projections are shaping the future, view our article on senior living job market: next 10 years.

Regional Variances in Job Growth

Job growth projections in senior living facilities vary significantly by state, influenced by population demographics and demand for services.

Senior Living Workforce by State

As the population ages, the need for senior living employees is projected to increase across the United States. By 2040, the senior living industry is expected to require approximately 3 million additional workers. The following table outlines the projected employment needs in key states by 2040:

State	Projected Senior Living Employees Needed
California	3.9 million
New York	2 million
Texas	1.8 million
Pennsylvania	1 million

These figures highlight the significant regional disparities in job growth within the senior living sector, as reported by McKnight's Senior Living.

Impact of the COVID-19 Pandemic on Employment

The COVID-19 pandemic has substantially affected the senior living industry's employment landscape. Between February 2020 and November 2021, the sector saw a loss of approximately 107,000 jobs. This disruption has introduced various challenges, stressing the importance of recruitment and retention strategies in senior living.

The long-term impact indicates that by 2040, there will be 20 million job openings in long-term care settings, with 3 million in senior living alone. This situation underscores the industry's need to adapt and develop sustainable employment strategies [1]. Additional resources on regional job trends in senior living can provide further insights into how different states are responding to these challenges.

The workforce in senior living will require new qualities and skills, which are essential to meet the changing demands of the industry. For deeper understanding of the skills needed, refer to our article on senior living worker qualities.

References