During the last three decades, growth in the U.S. working age population, ages 20 to 65, has easily outpaced total U.S. population growth. But in coming decades further growth in the working-age population is on track to be considerably slower, increasing at less than half the rate of the rest of the population. As the large baby boomer generation leaves the workforce, there will be hardly enough twenty-year-olds entering the workforce to replace them. Meanwhile, as Baby Boomers age, the population over 65 will swell and become the fastest growing age group in the U.S. This shift in the structure of the U.S. population – a relatively small population of 20-year-olds to replenish jobs vacated by a large population of Baby Boomers – will reshape local economies across the country.
Sources: Decennial Census Counts, *Weldon Cooper Center National Population ProjectionsComparing the U.S. age distribution in 1980 with the current U.S. age distribution below, reveals how the working-age population grew so quickly between 1980 and 2010, and why growth is now hard to come by. Read Full Article →