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MANAGING HEALTHCARE COSTS IN RETIREMENT ALLISON A. ALEXANDER
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September 2024 | Volume 37 | No. 9 of the greater rockford business community
NORTHERN ILLINOIS FOOD BANK NEIGHBORHOOD MARKET
Rockford’s expanding senior population
Northern Illinois Food Bank is relocating its Winnebago Community Market to 1397 Sandy Hollow Road, Rockford, and renaming it the Northern Illinois Food Bank Neighborhood Market.
How seniors and senior services impact our economy By The Greater Rockford Chamber of Commerce Rockford’s senior population is booming. According to the U.S. Census Bureau, 18.5% of Rockford’s total population is 65 or older. This regional statistic reflects a national trend of a rapidly increasing senior population, which is expected to continue growing. The U.S. Census Bureau predicts that the number of Americans age 65 and older is projected to increase by 47% from 2022 to 2050, with the group’s share of the total population projected to rise from 17% to 23%. Not only that, they’re also working past retirement age. The U.S. Bureau of Labor Statistics found that older adults are projected to work longer than in the
The new 30,000 sq. ft. Neighborhood Market location will provide: • Improved grocery shopping experience in the onsite food pantry.
past. By 2032, 25% of men and 17% of women age 65 and over are projected to be in the labor force. What does this mean for Rockford? It’s likely that many national trends will ring true for our local aging population as well. Not only will there be a need for increased community involvement and support to care for our region’s everexpanding group of elders, but more plentiful economic opportunities will result from catering to this age group. The aging population will have an impact on the workforce from multiple angles, from more elders remaining in the workforce to younger workers needing flexible work schedules to care for older relatives. Chamber members like Comfort Keepers Rockford, Assisting Hands
Home Care, and the Alzheimer’s Association Illinois Chapter are prepared to accommodate the needs of Rockford’s expanding senior population and their loved ones.
Elder community support and advocacy As the region’s senior population grows, community support and advocacy for this age group and their families will become increasingly important. The Alzheimer’s Association Illinois Chapter works diligently to provide resources to this growing population in the Rockford area. The association serves 250,000 Illinois residents living with the disease, as well as their families and caregivers. In Winnebago County, there (continued on page 7)
Midwest Aerospace Conference Register now for MAC2024 Oct. 17
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The Rockford Area Aerospace Network (RAAN), the Greater Rockford Chamber of Commerce (GRCC), and the Illinois Manufacturing Excellence Center (IMEC) will once again host the Midwest Aerospace Conference – MAC2024, Oct. 17 at Embassy Suites by Hilton Rockford Riverfront. This annual aerospace conference brings together experts, designers, manufacturers, engineers, educators and vendors for a full day of innovation and collaboration. Supply chain matchmaking continues to be one of the main attractions of MAC2024, connecting Rockford-area companies with influential aerospace contractors. Partnerships help drive small business growth, and MAC2024 offers a prime opportunity for local businesses to forge new relationships. The latest trends and technology in aerospace will be showcased in the exhibit room, where attendees can engage with exhibitors and fellow participants to
explore new ideas and develop valuable connections that can lead to future opportunities. This year’s powerful lineup of speakers includes thought leaders from throughout the aerospace industry sharing their practical insights and vision for the future. The conference will also feature interactive breakout sessions where attendees can share ideas and best practices. Topics include: • Emerging trends in aerospace • Building a skilled workforce • Solutions for financing automation • Doing business with the U.S. Department of Defense • Doing business with Quebec • Compliance and cyber security planning (continued on page 3)
• Two dock doors and ample retail and back-of-store warehouse space. • Smoother pick-up process for food pantries. • Expanded services and resources for community. • Greater visibility and accessibility to the community The Food Bank is raising funds for the relocation and build-out. Four donors have committed a total of $122,000 as a challenge grant that will match donations to the Neighborhood Market Campaign. For more information, please visit www. SolveHungerToday.org/ RockfordRelocation.
TOURISM IS BIG BUSINESS
Visitor spending in Rockford and Winnebago County reached a record-breaking $515.4 million in 2023, capping three years of growth and topping pre-pandemic spending of $483 million in 2019.
Statewide, Illinois welcomed 112.4 million visitors in 2023, generating 278,200 tourismrelated jobs and $82.6 billion in total economic impact. The local increase in spending also contributed to employment and payroll growth, resulting in the creation of 74 new positions for local individuals for a total of 4,654 jobs supported by tourism and $165 million in payroll directly supported by visitors. Further, visitor spending contributed $14.2 million in local tax revenue and $33.3 million in state tax revenue.