Population Growth & Trends
U.S. Population Important b/c It’s the source of labor It’s primary consumer of output Size, composition, & growth rate impact performance Census occurs every 10 years Provides information that is used to project future population
Counting Population 1 st census in 1790 U.S. Census Bureau created in 1902 Bureau collects info on population Uses different methods to count special populations like the homeless
Growth & Regional Change U.S. grown considerably since colonial times Rate of growth has slowed In 1970s population shifted to western & southern states Center of population has also shifted from Maryland to Missouri
Consequences of Growth Population distorts macro measures, so they are reported as per capita Grows too fast – country ends up with shortages Grows too slow – not enough workers to support growth Shifts stress existing resources Takes long time to build infrastructure, accurate predictions important
Projected Trends Age & Gender Aging baby boomers drive characteristics of population Baby boomers retire soon Burden of pensions, Social Security, & Medicare falls on younger generations
Race & Ethnicity 2000 – Whites largest race, followed by African Americans, Hispanics, Asians, & Native Americans Fertility rates, life expectancies, & immigration will change racial statistics
Future Growth 3 Factors Fertility Rate – Births expected in a woman’s lifetime; Current rate barely offsets replacement rates Life Expectancy – Average remaining life span; Expected to increase Net Immigration – Change caused by people moving into country; Expected to increase Population expected to grow, but growth rate will decline Increased productivity will offset effects of declining growth
Future Challenges Age of population is a concern, retirement numbers will increase Increased demands for products needed by elderly Declining need for facilities for the young Changes gradual, can be anticipated One benefit of market economy is it adjusts quickly