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Research Outline
Prepared for Yair C. | Delivered September 3, 2020
US CCRC Market
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Goals
To inform an internal SOM analysis and market penetration strategy by determining the US Continuing Care Retirement Community (CCRC) market size by state and/or metropolitan area, ideally in terms of revenue.
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Early Findings
US CCRC Market by State
According to the latest research published by MyLifeSite and McKnight's Senior Living, there are between
1,954
and
2,000
Continuing Care Retirement Communities (CCRCs) in the United States.
Notably, the
top ten states
in the country account for
more than half
of this market, specifically:
Pennsylvania has
195
CCRCs
Ohio has
150
CCRCs
California has
135
CCRCs
Illinois has
110
CCRCs
Florida has
105
CCRCs
Texas has
90
CCRCs
Kansas has
72
CCRCs
Idaho has
70
CCRCs
North Carolina has
62
CCRCs
Virginia has
58
CCRCs
New York has
50
CCRCs
Overall, the Midwest/Great Lakes region in the US has
25%
of the nation's CCRCs, with approximately
500
communities across just Illinois, Indiana, Ohio and Wisconsin.
The next largest region is the Northeast, which is home to approximately
350
CCRCs, due in large part to the community centers in Pennsylvania and New York.
In parallel, the Southeast region of the country also has about
350
CCRCs, with most located within coastal states such as Florida.
Meanwhile, there are approximately
210
CCRCs in West Coast States, approximately
50
CCRCs in other Western states (e.g., Colorado, Idaho, Montana, Nevada, Utah, and Wyoming) and only about
150
CCRCs in the Southwest (e.g., Arizona, New Mexico, Oklahoma, and Texas).
US CCRC Construction by State
Notably, as of
late 2019
, CCRC construction was most concentrated in the West and Southwest.
Specifically, states with the highest number of CCRC units under construction were Dallas (
722
), San Diego (
510
), Charlotte (
446
), Phoenix (
446
) and Washington, D.C. (
437
).
In parallel, cities with the highest percentage of units under construction as a share of inventory were Memphis (
22%
), Riverside (
18%
), Raleigh, (
16%
), Hartford (
13%
), Omaha
(
11%
) and San Diego (
11%
).
Meanwhile, half of the Primary and Secondary CCRC markets in the US (
51 out of 99
) had no CCRC units under construction as of late last year.
US CCRC Market Revenue
Notably, initial research indicates that there is
limited, publicly available
information about the size of the US CCRC market in terms of revenue.
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