Employment growth limited by New York aging population and shrinking workforce
- 1The office of New York Governor Kathy Hochul stated that statewide labor supply growth will be limited due to population growth constraints and an aging workforce.
- 2The proportion of the population aged 65 and older in New York currently stands at 19.3%, up from 15% a decade ago.
- 3New York's statewide employment growth is projected to reach an estimated 0.2% in 2026 and 0.3% in 2027.
So what's the key point?
As the elderly population in New York increases, there may be a shortage of people available to work. Because of this, the job growth rate in New York State is expected to remain around 0.2%.
Source Fortune · View original ↗
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