Aging Population Could Stall Economic Development in New Hampshire and New England

According to a report prepared by Northeastern University’s Center for Labor Market Studies, New England’s aging population could stall economic development and job growth in the future and the numbers are particularly significant in New Hampshire, which the report indicates has a larger and more rapidly growing share of the older population.

Released as part of The New England Council’s Older Worker Initiative, the report forecasts, among other things, that from 2005 to 2015, about 90% of the net increase in the size of the New Hampshire resident working age population will be from among those aged 55 or above and that the share of persons in the working age population of teens and young adults will fall by 2% and that of older prime age workers (ages 35 to 54) will decline by 6%.

“As the baby boom generation enters retirement age, New England employers will become increasingly dependent on older workers – those aged 55 and above – to meet the demand for skilled workers. The ability to retain and recapture these older workers in the labor force will be critical to the long-term economic prosperity of the region,” said James Brett, president and CEO, of The New England Council, the nation’s oldest regional business organization.

Source: The New England Council Press Release (January 31, 2007)