Upstate NY Workforce Retirements Will Outpace Nation

The Federal Reserve Bank of New York in Buffalo, in a report "Baby-Boom Retirements and Emerging Labor Market Pressures," said some sectors of upstate New York's economy, especially education and health care, will experience labor shortages between now and 2012. According to Fed economist Richard Deitz, "[a]s retirements accelerate over the next several years, upstate New York may begin to face labor market pressures in an environment of little economic growth as it competes with other parts of the country for key workers in high-demand occupations."

In particular, employers seeking workers in services used by an aging population and provided through personal contact--including health care, community and social services, and personal care and service—are likely to face the most significant labor market challenges.

Source: Federal Reserve Bank of New York Upstate New York Regional Review (July 2006)