New construction Slows
The sluggish economic recovery is evident in the stringent financing
conditions of the past few years. The
lack of project financing has resulted
in fewer new construction projects
breaking ground recently.
In the top 31 metropolitan markets,
the number of new units starting
construction has remained tempered
since bottoming in second-quarter
2009. during the past year, only 5,757
seniors housing units have broken
ground, which represents 1. 1 percent
of current inventory. Three years ago,
in first-quarter 2008, this figure was
2. 9 percent.
In the past year, unit starts within
independent living properties have
outpaced unit starts in assisted living
properties— 3,180 units compared
to 2,577 units, respectively. The 1. 1
percent pace of new starts during this
4,000
Units Started Construction
by Property Type
3,000
2,000
1,000
0
Majority
Assisted Living
Majority
Independent Living
2007 Q1
2008 Q1
2009 Q1
2010 Q1
2011 Q1
Source: NIC MAP Data & Analysis Service
past year is slower than the current 1. 3
percent pace of inventory growth. This
will likely cause overall construction
activity to continue slowing in the near
term as completions surpass the cur-
rent pace of new starts.
Retirement tops List of Americans’ Financial concerns
According to a Gallup poll, having enough money for retirement is
number one on Americans’ list of financial concerns, with 66 percent of respondents indicating they are very or moderately worried about retirement costs.
Middle-aged Americans seemed to
be most concerned, with 77 percent
of Americans between the ages of 30
and 49 indicating that they are very or
moderately worried about not having
enough money for retirement. Seventy
percent of 50- to 64-year olds are also
very or moderately worried. Seniors
older than 65—who are the most likely
to already be retired—are less worried,
with 45 percent reporting they are very
or moderately worried.
Other key figures from the poll include:
• 60 percent of Americans are very or
moderately worried about not being
able to pay medical costs for a serious
illness or accident.
77 percent
of Americans
between the ages
of 30 and 49
indicate that
they are very
or moderately
worried about
not having
enough money
for retirement.
