The younger half of the labour market will be hurt by a decline of about 18% in the number of persons between 25 and 44 years of age but this may give increasing opportunities to young persons entering the labour force. The age structure of the labour force, however, will change notably. In 1995 72% of the Nova Scotia labour force was under 44 years of age. Within the next twenty five years this could drop to almost 50%, with the other half of the labour force being over 45 years of age.
The almost 50% gain in those between 55 and 64 years over the next 25 years will heighten the concerns about retirement age and the ability of government and private pension plans to maintain benefit levels. Will these people look at retirement in their fifties, or will they tend to retirement at 65, or possibly beyond that age?
One of the most obvious concerns arising from the ageing of the population is the provision of health care. A 40% growth of those 75 to 84 years and a doubling of the population over 85 years of age will place enormous pressures on health care facilities and budgets.
The housing market will experience a decline of more than 20% in the prime group, 25 to 34 years, for buying new single family homes but the condo and rental markets may capitalize on the large growth (over 80%) within the 55 to 74 age bracket.
All of the above numbers merely represent one scenario of growth for the province, however, the future age structure of the population will vary only marginally, regardless of the overall rate of growth or decline. While some of the future demography of the province is unknown, the most important characteristics of the future population are easily discernable at this time and thus can be used as inputs in planning for the future.