Welcome home: Given the shift in government funding to family settings, orphanages and group homes' revenue is forecast to sink
Group homes provide residential and other services to individuals of differing ages and needs. Counseling services in boot camps for delinquent youths will differ from services for group homes for disabled adults or services for children in group foster care. The industry-wide need for services is related to the overall economy's health, with unemployment, drug use and societal stressors playing a significant role. Revenue is countercyclical, accelerating in troubling and trying times. In the grips of the COVID-19 pandemic, group home establishments' revenue grew, aided in no small part by the majority of establishments' nonprofit structure. With generous government assistance, industry revenue has been growing at a CAGR of 0.6% over the past five years, including a drop of 1.6% in the current year, and is expected to reach $9.9 billion in 2023, with profit hitting a new 5.5% low.
This industry includes group foster homes, group homes, halfway homes, orphanages and boot camps. The industry does not include substance abuse facilities, retirement homes, correctional institutions or temporary shelters. While the industry provides some services to adults, these facilities are primarily for children and youth.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry's key players and their market shares.
Table of Contents
Methodology
LOADING...
