As businesses struggle and seniors are postponing making the moves to move out of their primary residences, home care services catering to the aging population are experiencing some growth as of the result of the broader economic challenges. The National Private Duty Association recently conducted an economic outlook survey of its members and found that just over 70 percent are projecting an increase in their revenues from 2008 to 2009 and another 12 percent expect their revenues to remain steady.
Other specific data from the survey includes the following:
- 81 percent of those surveyed are accepting caregiver applications and hiring.
- Compared to six months ago, 56 percent of businesses have increased their number of caregivers.
- 63 percent of the respondents reported an increase in their client numbers from where they were six months ago.
- 86 percent of the respondents believe their client numbers will increase over the next 12 months.
- When looking ahead 12 months, 52 percent predict the overall economic condition of their business will be good; an additional 10 percent said excellent.
"This is certainly not a statistical representation of our industry, but rather a snapshot of our members and a reflection of the business climate for today’s private duty provider," said Kim Stoneking, executive director of the National Private Duty Association. "The upshot is that our industry is not only weathering the recession but continuing to grow."