Driving Economic Growth & Job Creation

September 20, 2016

The home care industry drives job creation and economic growth in the U.S. Vibrant and growing, the industry provides good employment opportunities for women—who currently represent a majority of the caregiver workforce—and minorities, representing roughly half of the caregiver workforce.

 

  • A Growing Industry: Over the last five years the home care industry has grown by more than 50 percent in terms of new entrants. This growth will only continue as demographics fuel demand.
  • Creating Jobs Faster Than Other Sectors: Job growth for caregivers, which are categorized as “personal care aides” by the Bureau of Labor and Statistics, is projected to increase by 26 percent through 2024, compared to just 6.5 percent on average for all occupations.46 This job sector is growing much faster than other occupations in the U.S. In 2014, there were nearly 1.8 million caregivers working in the U.S. with the potential to create nearly 500,000 more jobs by 2024.

job-growth

  • Home Care Reduces Workplace Absences: The productivity loss to U.S. businesses due to informal caregiving has been estimated to be as high as $34 billion annually. Some of these costs are due to absenteeism ($5.1 billion), shifts from full-time to part-time work ($4.8 billion), turnover ($6.6 billion), and workday adjustments ($6.3 billion).
  • Home Care Lowers Employer Health Costs: Professional home care services also help alleviate health- and stress-related problems for family caregivers employed outside the home, potentially saving U.S. employers $13.4 billion annually in health care costs.

 

Source:

Caring for America’s Seniors: The Value of Home Care