Market Needs and Economic Impact of
LeadingAge Virginia Members
This independently produced report, authored by Dr. Steven J. Appold and Dr. James Johnson, Jr. of the Kenan Institute of Private Enterprise at the University of North Carolina-Chapel Hill, and Dr. Allan M. Parnell of the Cedar Grove Institute for Sustainable Communities, examines the economic impact of LeadingAge Virginia members and the potential they have for creating jobs and expanding their tax base.
In 2016, LeadingAge Virginia’s 133 not-for-profit member organizations served a total of 18,000 seniors and employed an estimated 18,000 staff members. Their combined economic impact on the state was $1.9 billion annually and this included $44 million in state and local taxes and $166 million in federal taxes.
The report suggests that with Virginia’s older adult population set to explode by nearly 51% in the next twenty years (an additional 600,000 seniors), the impact of LeadingAge Virginia members on our state’s economic health will be staggering.
In 2040, the report projects that Virginia CCRCs will serve more than 24,000 residents and employ more than 22,000 staff. Their combined economic impact on the state is estimated at $2.6 billion and they will pay $61 million in state and local taxes and $229 million in federal taxes.
Special thanks to the organizations who gave beyond their annual dues to make this study a reality:
LifeSpire of Virginia
Shenandoah Valley Westminster-Canterbury
United Church Homes & Services
Village at Orchard Ridge
Westminster Canterbury at the Bay
Westminster Canterbury Lynchburg
Westminster Canterbury of the Blue Ridge
Westminster Canterbury Richmond
Click here to download the Executive Summary
Click here to download the full report