Tennessee’s Population Expected to Hit 8 Million by 2040 with Notable Increase in Elderly Residents

Tennessee Population Projected To Reach 8 Million By 2040

Chattanooga, Tennessee – New reports show that Tennessee’s population is anticipated to grow significantly in the coming years, reaching 7.94 million by 2040, according to the most recent projections from the Boyd Center for Business and Economic Research at the University of Tennessee, Knoxville. This increase represents an expected growth of 12.6 percent from the current population estimate of 7.05 million recorded in 2022.

Rising Aging Population

One notable aspect of this population growth is the rising number of elderly residents. The number of adults aged 65 and older is projected to jump by 25 percent from the 2022 census estimate. Even more startling, the population of individuals aged 75 to 84 is expected to increase by 36 percent, while those aged 85 and older could see a staggering rise of 72 percent.

Future Population Growth Rates

From 2020 to 2030, the annual growth rate for Tennessee is predicted to hover around 0.82 percent. This rate is expected to gradually decline to 0.55 percent annually between 2030 and 2040. Further slowing growth trends are anticipated to continue up to 2070, suggesting a shift in the state’s demographic landscape.

Expert Insights

“At the state level, the amount of population growth during the 2020s will feel similar to the gains we saw last decade,” said Matt Harris, Boyd Distinguished Professor of Health Economics and co-author of the projections. He noted that as the baby boom generation enters the later stages of life, the increased number of deaths may start to dampen population growth.

Implications of Population Growth

This rapidly expanding population could have several implications for Tennessee. An increasing population means more demand for services, including healthcare, transportation, and education. Local and state governments might need to consider infrastructure improvements and resource management to accommodate the growing number of residents.

In the wake of these projections, local communities may need to start thinking about how to prepare for these demographic changes. Especially with more older adults set to move into the state, there could be a greater need for accessible services and opportunities that cater to an aging population. These services might include senior housing developments, healthcare facilities, and leisure programs specifically aimed at the elderly demographic.

Conclusions

As Tennessee approaches 2040, stakeholders, including policymakers, businesses, and community leaders, should be aware of these population trends. They will need to prioritize planning and collaboration to ensure that Tennessee remains a great place to live and work for both new residents and long-time citizens. The projected growth is a clear indication that both challenges and opportunities lie ahead for the Volunteer State.

Author: HERE Knoxville