Agenda - Council Work Session - 11/24/2009

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DEMOGRAPHIC ANALYSIS 2009 and projections through 2014 are based on data from Claritas, Inc., a national demograph- ics firm, with adjustments by Maxfield Research Inc. to account for local trends. The following are key observations regarding the age distribution of the Market Area's popula- tion. . Growth in the Market Area will continue to be largely propelled by the aging of the baby boom generation. So far this decade, the 55 to 64 and the 65 to 74 age cohorts are estimated to have increased by just over 70%, while the population overall grew by only +15.4%. In the Primary Market Area, these cohorts grew by 76% and 102%, respectively. . Over the next five years, the trend will continue with growth of +41.5% in the 65 to 74 age cohort followed by growth of +27.1 % in the 75+ cohort and +21.6% in the 55 to 64 cohort. Strong growth among the older adult and senior age cohorts will continue to drive demand for active adult and other more service-intensive senior housing products. . Comparing the PMA to the SMA, growth among the older adult and senior age cohorts is forecast to surpass the growth rates of the other age cohorts. Younger age cohorts, including age 18 to 24, are forecast to experience much stronger growth in the PMA than the SMA and Market Area overall. Growth in these younger age cohorts is important in to order to support a diverse array of housing products and to sustain population growth over time. Ramsey and Andover are most likely to continue to attract young and mid-age families with children, al- though we expect to see a more even balance among all of the adult age cohorts. 25,000 20,000 G> 'a 15,000 e G> llo. ... e = 10,000 Z 5,000. 0 Age Distribution Ramsey Primary Market Area 2000,2009 & 2014 Under 18 18 to 24 25 to 34 35 to 44 45 to 54 55 to 64 65 to 74 75+ . 2000 . 2009 !!I 2014 MAXFIELD RESEARCH INC.