The data for this report, including forecasts, are sourced from the US Census Bureau and IBISWorld. The estimates provided refer to the population as of July 1 for that year. The forecasts in this report are also sourced from the US Census Bureau and assume that population rates will continue to rise.
The American population has been aging at a very consistent pace. From 1990 to 2017, the median age of the population declined only twice: once from 35.5 years in 1999 to 35.4 years in 2000 and again from 36.9 years in 2008 to 36.8 years in 2009. The relatively smooth uptick in the median age is driven by the net increases in the size of the elderly population, lifespans and total population. Moreover, the end of World War II resulted in a demographic bulge of individuals born between 1940 and 1965, which has reshaped society as it has aged. In recent years, this group began crossing the threshold into senior adulthood (65 years and older).
As baby boomers are nearing and surpassing retirement age, the median age of the population has been inching upward. In addition to the large influx of newborns 60 years ago, the size of this demographic group has been sustained by medical advancements. Coupled with superior nutrition and improved safety features in many aspects of life, Americans are living longer than ever before. Simultaneously, the birth rate in the US has seen a consistent slump over the last decade, as this had contributed to a rising median population age. With the COVID-19 pandemic in 2020, the median age scaled down by 0.8% in response to the risks posed by the virus at the time as this put most of the population at risk because of the lack of available vaccines in the year. As older populations were the most at risk from the virus in the year, the median age shifted downwards for the first time since 2001. But, with the deployment of the vaccine in the latter half of the year and into 2021, the median age grew 1.6% as more people, especially older populations, got vaccinated. In 2022, the median age rose 0.5% as such factors as vaccination rates from the previous year helped prevent older individuals from losing their lives to COVID-19, along with the presence of boosters that were also made available in the year that provided additional protections for older adults. As concerns surrounding the pandemic fade while the presence of medical treatments and the challenges in boosting up more births in the country for various reasons stemming from economics to more personal decisions made by couples, the median age of the population is set to steadily go up in 2023 and 2024 as these factors are set to remain afoot.
The aging population will continue to be driven by the same factors...