Golden age: Demographic trends have underpinned growing demand for retirement communities

The Retirement Communities industry in Michigan has performed exceedingly well over the past five years. The industry, which provides residential and personal-care services for elderly individuals who are unable to fully care for themselves, has boomed due to the aging population and the growing need for dementia care for seniors with memory impairment. Consequently, IBISWorld expects industry revenue to rise at an annualized rate of 8.6% over the five years to 2018.Demographic trends have underpinned growing demand for retirement communities. As people live longer with the help of advancements in technology and medicine, the rapidly expanding senior population has continued to drive growth for industry operators...purchase to read more.

Industry Statistics & Market Size
Revenue
$2bn
Annual Growth 13-18
8.6%
Forecast Growth 18-23
Profit
Employment
34,441
Businesses
1,453

Industry Threats & Opportunities

  • The industry has boomed due to the aging population and the growing need for dementia care
  • Industry Report - Industry Locations Chapter

    The geographic distribution of retirement communities in Michigan follows patterns according to population distribution, closely related to where seniors are located. IBISWorld estimates that the largest regions by number of industry establishments are the Metro region (26.8%), Bay region (24.6%), Grand region (17.3%), and University region (11.6%). At the regional level, the distribution of establishments closely follows the distribution of the population throughout these regions. For example, the largest region by number of industry establishments, the Metro region, also contains the largest share of the state's population at 38.9%. Following the Metro region, the Grand region (16.0% of the population), the University region (14.9%) and the Bay region (14.2%) ...purchase to read more.

    Additional Insights for the Retirement Communities in Michigan Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Retirement Communities in Michigan Industry are

  • Superior financial management and debt management
  • Being familiar with local tastes and preferences
  • Ability to attract local support/patronage
  • IBISWorld analysts also discuss how external factors such as Number of adults aged 65 and older in Michigan and Per capita disposable income in Michigan in the Retirement Communities in Michigan industry impact industry performance..

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    What's in this report

    What is the Retirement Communities in Michigan Industry?

    This industry provides residential and personal care services for the elderly and other individuals who are unable to fully care for themselves or who desire to live in a community facility. The industry excludes companies that predominantly provide inpatient nursing, skilled-nursing or rehabilitative services.

    Industry Products
  • Continuing care retirement communities
  • Assisted living facilities
  • Industry Activities
  • Providing room and board
  • Nursing and other supervision
  • Assistance in daily living
  • Housekeeping services
  • Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • Number of adults aged 65 and older in Michigan
  • Per capita disposable income in Michigan
  • Yield on 10-year Treasury note
  • Federal funding for Medicare and Medicaid

  • Current Performance
    Industry Outlook
    Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Retirement Communities in Michigan Industry Lifecycle vs The Economy

  • Supply Chains
    Key Buying Industries
  • Primary Care Doctors
  • Specialist Doctors
  • Hospitals
  • Nursing Care Facilities
  • Consumers

  • Key Selling Industries
  • Apartment & Condominium Construction
  • Community Food Services
  • Dry Cleaners
  • Home Care Providers
  • Janitorial Services
  • Public Administration
  • Real Estate Investment Trusts

  • Products & Services
  • Assisted living facilities
  • Continuing care retirement communities
  • Chart: Retirement Communities in Michigan Industry Products and Services Segmentation

  • Major Markets
  • Out-of-pocket payments
  • Medicaid
  • Other
  • Medicare
  • Private Health Insurance
  • Chart: Major Market Segmentation for the Retirement Communities in Michigan Industry

  • Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Chart: Cost Structure Benchmarking – Sector vs Retirement Communities in Michigan

  • Basis of Competition
    Barriers to Entry
    HCR ManorCare, Brookdale Senior Living Solutions, Sunrise Senior Living Inc., Trinity Senior Living Communities,
  • Table: HCR ManorCare - financial performance
  • Table: Brookdale Senior Living Solutions - financial performance
  • Table: Sunrise Senior Living Inc. - financial performance
  • Table: Trinity Senior Living Communities - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the Retirement Communities in Michigan Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Table: Industry Data for the Retirement Communities in Michigan Industry
    Includes:
  • Industry Revenue (2009-2023)
  • Industry Gross Product (2009-2023)
  • Establishments (2009-2023)
  • Businesses (2009-2023)
  • Employment (2009-2023)
  • Wages (2009-2023)
  • Number of adults aged 65 and older (2009-2023)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Activities Of Daily Living (Adl)
  • Everyday activities such as bathing, grooming, eating, using the toilet and getting dressed.
  • Care For Alzheimer's Disease And Dementia
  • Care provided to individuals with memory impairment; can include medical and social assistance with activities of daily living.
  • Continuing Care Retirement Community (Ccrc)
  • A facility that provides individuals with a choice of services and living situations for the remainder of their lives.
  • Hospice Care
  • Care and comfort measures provided to those with a terminal illness and their families; can include medical, counseling and social services.
  • Nursing Home
  • A facility licensed by the state that provides 24-hour nursing care, room and board and activities for convalescent residents and those with chronic and/or long-term illnesses.
  • What Our Customers Say

    Why buy this report?

    IBISWorld’s Retirement Communities in Michigan Industry Research Report contains up-to-date data and analysis, allowing you to identify the strengths and potential weaknesses of major companies in the industry. Build your credibility with clients and prospects by sharing insights into the current and emerging trends driving their industry. Our market research gives you the tools to win new business and keep existing clients.

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Retirement Communities in Michigan:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Retirement Communities in Michigan market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Retirement Communities in Michigan, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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