Boomers Are Out; Who Is In?

MESSAGE FROM THE PRESIDENT

September 23, 2024

The last of the Baby Boomers leak into retirement over the next few years, and that signals the end of the decades-long trend of 10,000 people-a-day being eligible for retirement. With 25 years of declining birth rates behind us now (fewer farms and bigger cities always leads to fewer births) and Millennial and Gen Z couples having one or maybe no kids at all, we’re going to need an organized immigration system (don’t hold your breath) and technology to fill critical gaps for both the private and public sectors.

But wait, hasn’t our population grown steadily over the last few decades? Yes, it sure has, and a hearty thanks goes out to our pharmaceutical and health care providers! The numbers are going up, not because we’re having more kids, but because we’re living longer. So let’s get immigration organized once and for all, and stay away from over zealous regulation of technology because we’re going to need it in more ways than any of us can imagine.

Graph from Technical.ly Delaware

News You Can Use

Many representatives from the Federal Reserve Bank speak throughout the week, including Fed Presidents Bostic (Atlanta), Goolsbee (Chicago), and Kashkari (Minneapolis) today. On Tuesday, we will see September consumer confidence data, while Wednesday brings us new home sales for August. Thursday is a busy day with initial jobless claims for September, August durable goods orders, Q2 GDP data, and several more speeches from the Fed, including Chair Jerome Powell. The week concludes on Friday with personal income and spending numbers and advanced wholesale and retail inventories for August, as well as September consumer sentinment data.

Earnings calls begin on Tuesday with AutoZone, Progress Software, and Stitch Fix. The Wednesday headliner is Micron Technology, along with Concentrix and Worthington Steel. Costco Wholesale kicks off Thursday and will be joined by Accenture, Blackberry, CarMax, and TD Synnex.

Michael J. Quaranta

President

Delaware State Chamber of Commerce

Uniquely Delaware

Delaware is No. 1 Best State to Retire

According to Bankrate, Delaware landed in the top spot for the best state to retire in this year. The First State isn’t typically thought of as a retirement haven, but it has many strong selling points for retirees.

Delaware is a tax-friendly state for retirees. It doesn’t have state or local sales tax, and it doesn’t tax Social Security benefits. It also has lower property taxes relative to the rest of the country, averaging roughly $1,939 annually, according to ATTOM data. The state ranks well for racial and ethnic diversity, arts and entertainment establishments per 100,000 residents, and overall well-being. Compared to its population, it also has a high share of residents who are 62 and older. Earthquakes, tornados, and hurricanes are also rare, and the climate is temperate. The state’s weaker spots are its cost of living, crime, and cost of health care. While Delaware is a pricier state to live in, it scores well in all other affordability metrics considered in the ranking: property taxes, combined state and local sales tax, and homeowners insurance. Read more >

Started in 1996, Diamond Technologies is a complete technology solution provider. They are committed to making sure business owners have the most reliable and professional IT service in Delaware, Pennsylvania, and New Jersey.

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