Per the piece, a report from earlier this year showed a decrease in profits and an increase in the number of closings or buy-outs for most assisted living communities. However, recent economic growth, minimal as it may be, has seeped into the assisted living sector in the form of increased profits, more state and federal grants, and an uptick in other types of support (such as an increase in approved Medicare and Medicaid claims for assisted living costs).
Other benefits of expansion in assisted living include job growth, as each new and currently operating facility must recruit and maintain a large staff complement, and a boost in the local economy thanks to the trend towards “green” construction. According to the article, “green building helps the local environment, and the government subsidizes green efforts. These subsidies are often spent on local workers or goods, which, again help the economy.”
With so many articles and headlines telling only of the highs and lows in our fragile economy, it is encouraging to see that steady progress is being made in an industry that some may have overlooked. Although the economic downturn has prompted some seniors to stay home and age in place longer than they originally planned, assisted living is still open for business.