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Baby Boomer Downgrade in the U.S. Labor Force - 5/11/16

There was a tidal wave of births following the end of World War II.  That gave rise to the generation we know as the Baby Boomers.  For many years, these Baby Boomers dominated America’s demographic landscape, easily existing as the nation’s largest population cohort. 

That changed during the middle of last year, when the baby boom was at last eclipsed in size by the generation known as the millennials, those born during the nineteen eighties and nineties.  These millennials are steadily coming of age and will eventually dominate America’s labor force and have already begun to reshape our cultural norms. 

The Census Bureau’s most recent population estimates indicate how millennials, especially those now in their mid-twenties, are positioned to dominate America.  As of July 1st, 2015, the most common age in the U.S. was twenty four, followed closely by twenty five and twenty three.  Among other things, this helps explain the strength of the multifamily rental market. 

As reported by the Wall Street Journal, within a few years, the baby boomers will fall to third in rank as they are overtaken in numbers by the generation of people born after the millennials during the early years of the twenty first century.    

Anirban Basu, Chariman Chief Executive Officer of Sage Policy Group (SPG), is one of the Mid-Atlantic region's leading economic consultants. Prior to founding SPG he was Chairman and CEO of Optimal Solutions Group, a company he co-founded and which continues to operate. Anirban has also served as Director of Applied Economics and Senior Economist for RESI, where he used his extensive knowledge of the Mid-Atlantic region to support numerous clients in their strategic decision-making processes. Clients have included the Maryland Department of Transportation, St. Paul Companies, Baltimore Symphony Orchestra Players Committee and the Martin O'Malley mayoral campaign.