New York’s stagnant, aging population is killing job growth: report
New York’s stagnant and aging population is killing business expansion — with residents age 65 and older now making up nearly 20% of the state, according to a sobering report from Gov. Kathy Hochul’s office. The “Labor Markets” section of Hochul’s mid-year budget plan revealed that there are not enough younger residents to replace Baby Boomers leaving the workforce, thanks to “constraints in population growth. “New York’s labor market faces many of the same constraints as the nation, where cautious business expansion and limited labor force growth restrain hiring,” the study found. “Individuals age 65 and older now make up 19.3 percent of the State’s population, up from 15.0 percent a decade ago. New York faces a stalled labor market and aging population, with residents aged 65 and older now comprising 19.3% of the state. mimagephotos – stock.adobe.com “The growth of the State’s labor supply will be limited due to constraints in population growth and the aging workforce. “These trends will likely restrict employment growth , but unemployment rates should remain stable,” the report said. “[The state Division of the Budget] projects New York’s unemployment rate to average 4.4 percent in each year from 2026 through 2028, slightly above the
