ERMUSR MISC. ISSUES 01-13-2004 - Laserfiche WebLink

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Fewer Children, Rising Incomes The percentage of families :fj with children age 18 and uric' - is declining, from 56% in 197u ' tfr to about 44% now and 41% b} 2010. By 2010, 46 million fami- a� lies will have no children at • 412.t 1 ' home, up from 35 million now sj1 HOUSEHOLD SIZE dipped to 4. 3 under three people in the earl: mai 1970s. It now averages 2.6 and fliL175r3:t.lx.lj9 as as ,., r � , ?nr is likely to stay at that level for m w a decade or so. "r <" INCOME is heading up modest- ly, on average, after inflation. TOP COUNTRIES OF ORIGIN ARE CHANGING. Although So is the number of two-income households. Average Mexico has been the main source of new immigrants household income, which was $76,700 in 2002, is ex- during the past 20 years and is likely to remain so, pected to be $89,400 by 2010 and $106,000 by 2030. Asian countries—China, the Philippines and Viet- nam—have replaced western Europe and Canada as Moving West and South the other leading sources of foreign-born residents. Population growth continues to be strongest in the South and West, a trend that has been occurring for More Household Formations decades. California,Texas and Florida can expect to The number of new households in the U.S. will grow add the most people from now to 2010—nearly 10 about 1.3% annually in the years just ahead, reflect- million total. ing births in the 1980s. The pace of household formations is increasing as SHIFTS IN POLITICAL POWER reflect the changes in children of the baby boomers—the echo-boomers— population. The South and West continue to gain leave home to set up their own households. seats in the House of Representatives at the expense of the Northeast and Midwest. 7.8 MILLION NEW HOUSEHOLDS are going to be formed In addition to the big three—California,Texas from 2004 to 2010, according to estimates from the and Florida—other fast-growing states likely to gain National Association of Home Builders. The result is House seats in 2010 and/or 2020 are Arizona, Neva- more people needing a place to buy or rent plus pur- da, Colorado, Georgia and North and South Carolins chasing furniture, appliances and other household States likely to lose include New York, Pennsylvania, goods. By 2010, the nation will have nearly 120 mil- Ohio, Michigan, Indiana and Illinois. lion households. A GLOBAL PERSPECTIVE: The U.S. constitutes less that SINGLES make up a larger share of the population 5% of the world's population. Even as it grows, the today, including divorced people, people choosing not U.S. population will decline as a percentage of world to marry or to delay marriage, single-parent families, population. About 98% of the rise in world popula- widows and widowers and singles who live together as tion in the next 25 years will occur in less developed roommates or otherwise. countries in Africa, Asia and Latin America. Immigration will make the U.S. one of the few dt AND THERE ARE MORE BLENDED FAMILIES, mostly di- veloped countries to add population between now vorced and remarried parents,often living with chil- and 2025. Barring a major influx of immigrants, Japa dren and stepchildren in the same household. and most of Europe will lose population. 1.4 I The Kiplinger Letter • KiplingerForecasts.com