Nearly 1 in 4 Oregon workers is over 55, nearing or beyond the typical retirement age.
The share of older workers in the state’s labor force has more than doubled since 1990, according to a new report from the Oregon Employment Department. If there’s a big wave of retirements in the offing, that could limit future economic growth — especially in those industries with the highest share of older workers.
Oregon is one of the oldest states in the nation, with the median resident about 17 months older than the median American. That’s showing up in added demands on social service agencies and on the state’s health care system.
And it could have a big impact on Oregon’s economy, too.
After three decades of the rapid growth that began in the 1990s, the state’s population has stagnated since the pandemic. Birth rates are relatively low, and slightly more people have been moving out of the state than moving in.
Older workers leaving the labor force could create an even tighter labor market. That might be good for employees in some ways, pushing up wages as companies compete to attract workers. And older workers’ departures would open up pathways for career advancement.
For employers, though, a smaller labor pool could make it tough to staff their operations and to expand.
Employment department economist Gail Krumenauer catalogued the Oregon industries with the oldest and youngest labor forces.
Agriculture, real estate and public administration are the oldest industries, all with more than a quarter of their workers over 55.
In terms of total number of workers over 55, though, health care is the largest with 70,000, followed by manufacturing (49,000) and retail (48,000). Those fields will all face big challenges in filling their ranks in the years ahead.
Oregon’s hospitality and information industries have the smallest share of workers over 55 — 17% and 19%, respectively.
Hospitality includes hotels, bars and restaurants, which are often service jobs that don’t require a lot of prior experience. And that attracts a younger set of people new to the workforce.
The information sector includes telecommunications, website development, online publishing and customer service. Those fields tend to skew younger and might not feel the pressures of Oregon’s aging workforce quite as soon as other fields.
Correction: Oregon’s hospitality and information industries have the smallest share of workers over 55. This article originally misstated that.
-- Mike Rogoway covers Oregon technology and the state economy. Reach him at mrogoway@oregonian.com.
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