BUFFALO, NY – The Buffalo Branch of the Federal Reserve Bank of New York today released The Demand for Local Services and Infrastructure Created by an Aging Population, the latest issue of the Branch’s Upstate New York Regional Review.
Authors Richard Deitz, Branch chief economist, and Ramon Garcia, a former regional economist with the Branch, find that demand for age-related services and infrastructure will increase with a growing senior population in upstate New York.
Population profiles of the region suggest that this demand is most concentrated in areas experiencing fiscal stress from rising costs and eroding tax bases, such as the region’s larger cities, the cities’ inner-ring suburbs and the large urban counties that contain them.
The need for public and nonprofit support to accommodate the elderly may also be greater in upstate New York than is typical nationwide. Therefore, local governments and other regional institutions that service this population will need to anticipate and address the significant challenges they may face meeting this demand.
“The senior population of upstate New York is generally older than senior populations in other parts of the country,” explains Deitz. “This suggests that as the population ages, the region will experience a growing demand for supportive services like health care, transportation and accessible housing, which may pose significant challenges to local governments and community-based organizations.”