According to recent statistical forecasts, by 2050 over twenty percent of the population of the US will be 65 or older. Considering that currently only 15% of the total US population is aged 65 or older, that would be a major change in the demographic of the population over the next few decades. What does that mean for senior living construction?
As the baby boomer generation ages out, senior living and multifamily development is a clear construction market niche that many construction firms are exploring. There are of course concerns that should be considered before deciding to enter this fast-growing construction market.
Where to Invest
Statistics show senior housing will be a construction market that has the potential to grow in the coming years, but simply knowing this isn’t enough to dive in. One key consideration will be location. Historical data suggests that warm weather states including the southeast and southwest will see considerable migration of our aging population. Of course, that doesn’t take into consideration that many boomers will choose to move closer to grandchildren regardless of warm weather opportunities.
That said, you’re still more likely to find large groups of retirees in warmer climates such as Arizona in the west and Florida in the east. These warmer climates feature more opportunities for socialization, which is part of the allure. There are however two other important facets to choosing a location to build senior housing in a particular construction market.
Three Part Business
Location and weather are certainly important to retirees choosing a new home but are only a part of the equation. Equally as important to an aging population looking for real estate opportunities are access to quality healthcare and hospitality. Success is not guaranteed unless you accept that all three (real estate, hospitality, and healthcare) are important to a retiree looking for a suitable senior living option.
Entering the senior living market is certainly attractive to any construction firm looking to capitalize on the growing need for senior housing or multifamily development, but taking factors mentioned previously should determine where to build for the greatest potential for success.
Let the Builder Beware
Covid-19 has changed the way many businesses operate, but few have seen the impact on construction businesses. While the construction industry is recovering from the disruption of the global pandemic, many construction businesses are looking for ways to optimize their workflow to meet budgetary constraints, but not sacrifice safety in the process.
Taking advantage of Construction technology can help your business lower costs without cutting corners. SiteKick is among the leading-edge construction technology companies looking to help construction companies enter new markets such as senior living and multifamily development safely and securely.
Here is how SiteKick can help lower your costs without sacrificing the safety and security of your employees:
- Make smarter choices and improve project efficiency.
- Concentrate on quality construction, rather than manually collecting data points.
- Get a big-picture view without losing the details of projects.
- Make sure work areas are ready when they need them.
- Help ensure subcontractors are set up for success.
- Monitor, report analyze environmental conditions.
- Track after-hour visitors
If your business is looking to explore new markets or interested in entering the senior living market, contact us and get a clearer picture of how SiteKick can keep your projects safe, secure and under budget.