Laserfiche WebLink
Demographics: Aging Population, Fewer Workers <br /> • <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, <br /> mainly because of the region's explosive — 7 ■1990 <br /> 6.5% <br /> population growth over the last decade. 70 and over a 2000 <br /> 8.8% <br /> Participation rates are highest for workers in 24.9% <br /> their 20s, 30s and 40s, and lower for older 65 to 69 29.1% <br /> cohorts. (See Figure 10.) <br /> 0 55 to 64 62.8% <br /> THE POPULATION AGES 0222 65.60 <br /> The 45- to 54-year-old age bracket comprises 4, 88.6% <br /> the fastest-growing segment of the population < 25 to 54 89.0% <br /> as Baby Boomers get closer to reaching 80.1% <br /> retirement age - and continue to live longer. 20 to 24 <br /> This may have significant ramifications for the iiiimosa 92.0% <br /> region's workforce. There is some debate as to <br /> 16 to 19 <br /> whether economic conditions and longer lives 66.4% <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 <br /> 30,000 - <br /> 400,000 <br /> c <br /> 7 350,000 — - .,, 0 25,000 <br /> a 300,000 ■ •■ I 20,000 <br /> 1 1 1 <br /> 250,000 in <br /> Q 200,000II. ' ' , ' 15,000 <br /> v <br /> 2 27180 <br /> 150,000 , , I 10,000 21200 <br /> 2 100,000 , , , ' w <br /> a I I15,600 <br /> u <br /> 50,000 11111111111111111111111 <br /> ■ ■ . . . <br /> ' . . .0 5,000 s eoo <br /> 7,200 7,000 <br /> a <br /> 0 II r III <br /> O O N N M LO O LO O MO <br /> 000 0000 O N NM <br /> NNN NNNN <br /> N OO <br /> N N NNN <br /> ❑15 to 24 ■25 to 54 ■55 to 64 ❑65 and over <br /> Source: Minnesota State Demographer. Population Projections, 2000-2030 <br /> DEED, Labor Market Information Office, Regional Analysis & Outreach 9 <br />