Affording care: Rising income among an expanding elderly population will drive revenue growth

Over five years to 2018, the Retirement Communities industry in Virginia has experienced healthy growth. Retirement communities are residential facilities tailored to accommodate elderly individuals by offering specific amenities and services. Unlike nursing homes, industry establishments primarily offer independent living facilities that do not include healthcare services. As a result, these communities derive revenue from residence fees and demand is determined by the ability of individuals to pay living fees. As the US population ages and expands, demand for industry services has steadily risen. Overall, revenue for retirement communities in Virginia has increased at an annualized rate of 2.7% to $2.3 billion over the five years to 2018, including growth of 3.0% in 2018 alone...purchase to read more.

Industry Statistics & Market Size
Revenue
$2bn
Annual Growth 13-18
2.7%
Forecast Growth 18-23
Profit
Employment
30,940
Businesses
939

Industry Threats & Opportunities

  • Virginia contains a growing elderly population able to afford high-end retirement communities
  • Industry Report - Industry Locations Chapter

    Industry establishments are distributed throughout the state largely according to the distribution of population. Retirement communities in the state are primarily located near its largest cities, including Richmond and the Washington DC metro area. Fairfax county, which borders Washington DC, houses 13.3% of the Virginia population and accounts for 10.2% of state industry establishments. The North region of Virginia as a whole is estimated to account for 29.9% of the state's establishments.Similarly, the Central region is estimated to account for 20.3% of industry establishments. The Central region includes the capital city of Richmond and easy accessibility to both the East and North regions. The East is estimated to be the third most populated region in the state, with 19.5% o...purchase to read more.

    Additional Insights for the Retirement Communities in Virginia Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Retirement Communities in Virginia 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 Per capita disposable income in Virginia and Federal funding for Medicare and Medicaid in the Retirement Communities in Virginia industry impact industry performance..

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    What's in this report

    What is the Retirement Communities in Virginia Industry?

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

    Industry Products
  • Assisted living facilities and homes for the elderly
  • Continuing care retirement communities
  • 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
  • Per capita disposable income in Virginia
  • Federal funding for Medicare and Medicaid
  • Number of adults aged 65 and older
  • Number of people with private health insurance in Virginia
  • Yield on 10-year Treasury note

  • Current Performance
    Industry Outlook
    Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Retirement Communities in Virginia 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 and homes for the elderly
  • Continuing care retirement communities
  • Other
  • Chart: Retirement Communities in Virginia Industry Products and Services Segmentation

  • Major Markets
  • Females above $20,000
  • Males above $20,000
  • Females below $20,000
  • Males below $20,000
  • Chart: Major Market Segmentation for the Retirement Communities in Virginia 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 Virginia

  • Basis of Competition
    Barriers to Entry
    Holiday Retirement, Sunrise Senior Living, Brookdale Senior Living Solutions, Five Star Senior Living Inc.,
  • Table: Holiday Retirement - financial performance
  • Table: Sunrise Senior Living - financial performance
  • Table: Brookdale Senior Living Solutions - financial performance
  • Table: Five Star Senior Living Inc. - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the Retirement Communities in Virginia 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 Virginia Industry
    Includes:
  • Industry Revenue (2009-2023)
  • Establishments (2009-2023)
  • Businesses (2009-2023)
  • Employment (2009-2023)
  • Wages (2009-2023)
  • Local and state government expenditure in Virginia (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?

    The Retirement Communities in Virginia Industry Research Report measures market size, analyses current and future trends, and provides an indication of market share for the industry’s largest companies. IBISWorld’s collection of industry market research reports gives you insightful, up-to-date information on the supply chains, economic drivers, and key buyers and markets for hundreds of industries.

    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 Virginia:
    • 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 Virginia 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 Virginia, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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