An Exciting Opportunity for 20/20 Plumbing & Heating
The American population ages 65 and older is expected to nearly double from 52 million in 2018 to 95 million in 2060. The share of seniors in the US population is expected to increase from 16 percent to 23 percent. In 2019, California had nearly six million seniors over the age of 65 — greater than the entire population of Oregon!
With a rapidly growing population of seniors, demand for senior housing is surging. According to real estate investment and brokerage services firm Marcus & Millichap, Los Angeles ranks 8th in the country for total serious housing units under construction (1,945 units).
According to Senior Housing News, cities like “Riverside, California and Sacramento, California are high growth markets — areas with booming economies and positive population growth trends better positioned for absorption.” This surge in senior construction is a huge benefit to construction companies and contractors in California.
How Senior Housing is Changing
Until recently, US senior housing consisted of cookie-cutter developments that required residents to submit large upfront deposits. For seniors who later required high-level care, the costs of finding a nursing home elsewhere made it very difficult to leave their senior living development.
Senior living developers have recognized this untapped opportunity and have begun creating communities that offer higher-level care and improved amenities to meet the needs of its residents. Builders and remodelers are “creating space to entertain grandchildren, installing the bulk of kitchen storage at reduced heights and creating barrier-free entries that are seamless with the landscape,” says Jane O’Connor, principal at 55 Plus LLC, a consultancy focused on senior housing and lifestyles. Development of senior communities is largely being filled by construction companies and contractors in California.
The Opportunities for 20/20 Plumbing & Heating
The increased demand for senior housing is creating lucrative business opportunities for construction companies and contractors, especially in California. The next few years — and even decades — will be marked by an expansion in senior housing and a significant improvement in the development of senior communities.
As a leading plumbing and HVAC company in California and Nevada, 20/20 is reaping the benefits of its investment into employee training programs; their keen market awareness of this rapidly growing segment and with the support of their employee base of over 1,000, the company has positioned itself ahead of the competition to best serve the plumbing and HVAC needs of senior living communities for years to come.