Data shows Capital Region retirements on the rise
The Capital Region is seeing a spike in retirements and in households with retirement income. That’s according to a Center for Economic Growth analysis of new data from the U.S. Census and New York state retirement systems.
In the eight-county Capital Region in 2021, 3,244 Local Retirement System member retirements went into effect. That’s a 10.7% increase over the previous year.
In 2020, the New York State Teachers Retirement System saw an 18.5% increase in annual new retirements in the Capital Region.
Increasing retirements are putting pressure on employers to replace senior and mid-level workers, making apprenticeship programming even more vital for economic growth and sustainability.
To fill gaps in skilled talent, area manufacturers are utilizing apprenticeship programs administered by the Center for Economic Growth.