Thursday, December 21, 2006

Virginia: Hampton Roads Area Needs To Plan for Aging Workforce

According to John W. Whaley, deputy executive director of economics for the Hampton Roads Planning District Commission, a rapidly aging population in Hampton Roads will cause a slowdown in the growth of the region's labor force and standard of living. In a presentation to commission members, Whaley said the percentage of older people in the region's population would increase as the baby boomer generation ages into retirement. Also, there are fewer younger people due to low birth rates and more older people due to longer life expectancies.
Officials in Hampton Roads must take action to face the impending shortage of workers, he said, suggesting that companies and policymakers should find ways to retain older workers. He also recommended that cities in Hampton Roads should encourage the in-migration of young people from other areas of the country, if not the world.
Source: Hampton Roads Daily Press "Growth of region's work force may ebb" (December 21, 2006)

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