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Demographics: Aging Population, Fewer Workers <br /> IN THE LABOR FORCE Figure 10. Labor Force Participation: 1990-2000 <br /> Labor force participation rates in Region 7W are <br /> significantly higher than elsewhere in the state, •1990 <br /> mainly because of the region's explosive 6s% <br /> population growth over the last decade. 70 and over (2000 <br /> Participation rates are highest for workers in 2491 <br /> their 20s, 30s and 40s, and lower for older 65to69 -:, 2911 <br /> cohorts. (See Figure 10.) 628% <br /> a 55 to 64 <br /> THE POPULATION AGES u <br /> The 45-to 54-year-old age bracket comprises rn BB 6% <br /> the fastest-growing segment of the population < 25 to sa <br /> as Baby Boomers get closer to reaching 601^i <br /> retirement age - and continue to live longer. 2oto24 _ <br /> This may have significant ramifications for the eYx� <br /> region's workforce. There is some debate as to 613°i <br /> whether economic conditions and longer lives 1stols 1, w pr -, 3.4.x, <br /> might compel older workers to remain in or <br /> reenter the market. 0% 25% 50% 75% 100% <br /> Labor Force Participation Rate <br /> But Region 7W also is seeing rapid growth in <br /> workers between the ages of 25 and 44, Source:U.S. Census Bureau. 1990 Census STF-3 and <br /> considered the "prime working years." Central Census 2000 SF-3 <br /> Minnesota is projected to be one of the fastest- <br /> growing regions in the state, both in overall <br /> population and also in available labor force. <br /> (See Figures 11 and 12.) <br /> Figure 11. Adult Population Projection: Figure 12. Projected Growth in Working <br /> Region 7W, 2000-2030 Age Population: Region 7W <br /> 450,000 30,000 -r— - — <br /> 400,000 — •---—"" c <br /> 0 <br /> 350,000 - — - � 25,000 - <br /> r. 0. <br /> q ■ O <br /> O <br /> o° 300,000 �,x", R. 20,000 <br /> a zso,000 <br /> !1� , ICI j1 - <br /> -0 200,000 — - .c 15.000 27,180 <br /> d 150,000 `O 10,000 _21200 <br /> 2 I <br /> 2 100.000 v <br /> 15$00 <br /> 0. 5.000 s.a00 <br /> 50,000 -1 — — — - 0 '7200'7,000 <br /> I 0. <br /> 0 MO 000 0 <br /> 001— N N M N O ^ O in O <br /> N N r7 <br /> N N N N o N N 0 0 0 0 0 0 <br /> N N N N N N <br /> 015to24 ■25to54 ®55to64 0 6 and over <br /> Source: Minnesota State Demographer. Population Projections, 2000-2030 <br /> s 5n t. . .:: - u v ,. ;' . z m ys,-... c'• n,; t z N.r m' ,.."p$�' '»•': 3 n h1 c" T,' 14 .. 4- a ', ' ax e <br /> ,w,r.. <br /> DEED,labor Market Information Office,Regional Analysis Sr Outreach - 9 <br />