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Industry shift: fewer new CCRCs, more expansions, mergers and for-profit growth, panelists say
Summary
Panelists told the commission that since the 2008 financial crisis and again after COVID-19, new continuing-care retirement community campuses have sharply declined nationwide; growth now is driven by expansions, mergers and acquisitions, and for-profit providers concentrating on rental and standalone segments.
Panelists advising the Commission on Aging and Independence described a long-term shift in how continuing-care retirement communities grow and operate: new campuses are rare, and growth comes predominantly from smaller expansions, acquisitions and for-profit activity.
An industry presenter summarized the sector'wide trend: before the 2008 financial crisis, the sector averaged about 12 to 14 new campuses a year nationwide; post'COVID, that has fallen to roughly one to two new campuses a year. The presenter said many nonprofit CCRCs curtailed campus construction after the 2008 real estate downturn and…
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