NAICS 623311 Quarterly Industry Report
Continuing Care Retirement Communities
Comprehensive industry research for valuation professionals, business owners, buyers, and lenders
NAICS Code: 623311Sector: Health Care and Social Assistance (62)Updated: Q1 2026
About This Report
This industry profile for Continuing Care Retirement Communities (NAICS 623311) draws on data from the U.S. Census Bureau[6], Centers for Medicare and Medicaid Services[9], Bureau of Labor Statistics[10], and SBA size standards database[7]. Published by Fair Market Value and updated quarterly, it provides valuation professionals, senior living analysts, and retirement community investors with current market data. All quantitative claims are sourced to publicly verifiable databases.
Industry Snapshot
Key metrics for the continuing care retirement communities industry.
NAICS Sector
62
Health Care and Social Assistance
Industry Definition & Overview
Continuing Care Retirement Communities (NAICS 623311) encompasses establishments primarily engaged in providing a range of residential and personal care services with on-site nursing care facilities for the elderly and other persons who require ongoing assistance per the U.S. Census Bureau[5]. CCRCs offer a continuum of care - from independent living apartments through assisted living support to skilled nursing - within a single campus, allowing residents to age in place as their needs change. Assisted living facilities with on-site nursing care are also included in this classification.
Roughly 6,601 operators serve an estimated 483,770 employees per Census Bureau[6] economic survey data. Acts Retirement-Life Communities, Erickson Senior Living, Life Care Services, and Vi Living operate among the largest CCRC networks. Residents typically pay an entrance fee ranging from $100,000 to $500,000 or more, plus monthly service fees of $3,000 to $8,000 depending on the contract type and care level. Three primary contract structures govern financial arrangements: Type A (Life Care) contracts cover future nursing care at little or no additional cost, Type B (Modified) contracts provide a set number of nursing days before per-diem charges apply, and Type C (Fee-for-Service) contracts charge market rates for each level of care as needed.
Per the SBA Table of Size Standards[7], the size standard is $34 million in average annual receipts. State CCRC-specific licensing requirements vary widely, with approximately 38 states maintaining dedicated CCRC or continuing care statutes per the Consumer Financial Protection Bureau[8] senior housing guidance. These laws typically require actuarial feasibility studies, financial reserve fund maintenance, entrance fee escrow protections, and annual financial disclosure to residents. The on-site skilled nursing component must meet CMS Conditions of Participation for Medicare and Medicaid certification. Average resident age at entry is 78 to 82 years, with average length of stay spanning 5 to 7 years across all care levels.
What's Included in This Industry
- Independent living apartment and cottage operations
- Assisted living personal care services with on-site nursing
- On-site skilled nursing facility care delivery
- Memory care and dementia program management
- Dining services and meal program coordination
- Housekeeping, maintenance, and grounds management
- Wellness programs, fitness centers, and recreational activities
- Transportation services for residents
- Entrance fee contract administration and financial management
- Campus-wide emergency response and security systems
NAICS Classification Hierarchy
| Level | Description | Code |
|---|---|---|
| Sector | Health Care and Social Assistance | 62 |
| Subsector | Nursing and Residential Care Facilities | 623 |
| Industry Group | Continuing Care Retirement Communities and Assisted Living Facilities for the Elderly | 6233 |
| NAICS Industry | Continuing Care Retirement Communities and Assisted Living Facilities for the Elderly | 62331 |
| National Industry | Continuing Care Retirement Communities | 623311 |
Related NAICS Codes
| Code | Description | Relationship |
|---|---|---|
| 623312 | Assisted Living Facilities for the Elderly | Assisted Living Facilities for the Elderly provide residential care without on-site nursing, representing the primary competitive alternative for seniors who need personal care assistance but do not require the full continuum of care that CCRCs offer across independent, assisted, and skilled nursing levels |
| 623110 | Nursing Care Facilities (Skilled Nursing Facilities) | Nursing Care Facilities provide standalone skilled nursing care that CCRCs integrate on campus, with CCRC residents transferring to the on-site nursing unit when medical needs increase beyond what assisted living staff can manage safely |
| 622110 | General Medical and Surgical Hospitals | General Medical and Surgical Hospitals serve as acute care referral destinations for CCRC residents requiring emergency or surgical treatment beyond on-campus capabilities, with hospital discharge planning coordinating return to the appropriate CCRC care level |
| 624120 | Services for the Elderly and Persons with Disabilities | Services for the Elderly and Persons with Disabilities provide community-based programs including adult day services and home modification that complement CCRC campus offerings for residents in independent living who benefit from additional support services |
| 531110 | Lessors of Residential Buildings and Dwellings | Lessors of Residential Buildings and Dwellings operate senior housing properties that compete with CCRC independent living units for active older adults, with rental senior apartments offering housing without the bundled healthcare services and entrance fee commitment of CCRC contracts |
| 621610 | Home Health Care Services | Home Health Care Services deliver skilled nursing and therapy in the home setting as an alternative to CCRC on-campus care, with some CCRC residents receiving home health services in their independent living units before transitioning to higher care levels |
Geographic Concentration
Top states by share of national establishments.
| # | State | % Est. | Total Est. |
|---|---|---|---|
| 1 | California | 8.3% | 458 |
| 2 | Florida | 6.5% | 356 |
| 3 | Minnesota | 5.7% | 316 |
| 4 | Pennsylvania | 5.7% | 315 |
| 5 | Texas | 5.7% | 315 |
| 6 | Ohio | 4.6% | 252 |
| 7 | Wisconsin | 4.1% | 228 |
| 8 | Washington | 3.6% | 197 |
| 9 | Illinois | 3.4% | 189 |
| 10 | North Carolina | 3.4% | 188 |
% Of Establishments
0%
8%
Source: County Business Patterns, U.S. Census Bureau[3]
SBA Lending Summary
72
Total SBA Loans
$54.3M
Total Loan Volume
$754K
Average Loan Size
15 yrs
Average Loan Term
9.51%
Average Interest Rate
936
Jobs Supported
Source: SBA 7(a) Program Data, U.S. Small Business Administration — FY 2025[4]
Key Insight: Per the SBA Table of Size Standards[7], Continuing Care Retirement Communities (NAICS 623311) has a size standard of $34 million in average annual receipts for federal contracting purposes. SBA lending programs[11] support campus expansion, facility renovation, and capital improvement for qualifying CCRC operators. Eligible businesses can access SBA 7(a) loans[12] for working capital, equipment, and acquisition financing, while 504 loans[13] support major fixed-asset purchases including real estate and heavy machinery.
Top SBA Lenders
| # | Lender | Loans | Volume | Avg Loan |
|---|---|---|---|---|
| 1 | Live Oak Banking Company | 8 | $24.0M | $3.0M |
| 2 | Evolve Bank and Trust | 8 | $14.7M | $1.8M |
| 3 | The Huntington National Bank | 16 | $7.2M | $450K |
| 4 | Emprise Bank | 8 | $6.4M | $796K |
| 5 | Magnifi Financial CU | 8 | $1.2M | $150K |
Frequently Asked Questions
Common questions about this industry.
What is the NAICS code for continuing care retirement communities?
NAICS 623311 covers continuing care retirement communities providing residential care with on-site nursing facilities for the elderly per the U.S. Census Bureau[5].
What is the SBA size standard for CCRCs?
The SBA size standard[7] is $34 million in average annual receipts, determining eligibility for federal small business contracting programs and SBA lending products.
What are the three types of CCRC contracts?
Type A (Life Care) covers future nursing at minimal additional cost, Type B (Modified) includes a set number of nursing days before per-diem charges, and Type C (Fee-for-Service) charges market rates for each care level per the Consumer Financial Protection Bureau[8] senior housing guidance.
How much do CCRC entrance fees cost?
Entrance fees typically range from $100,000 to $500,000 or more, plus monthly service fees of $3,000 to $8,000 depending on contract type, unit size, and care level per industry survey data from senior living research organizations.
How many states regulate CCRCs?
Approximately 38 states maintain dedicated CCRC or continuing care statutes per Consumer Financial Protection Bureau[8] guidance, typically requiring actuarial feasibility studies, financial reserve funds, entrance fee escrow protections, and annual financial disclosure to residents.
What is the average resident age at entry?
Average age at CCRC entry is 78 to 82 years, with average length of stay spanning 5 to 7 years across all care levels per industry demographic surveys tracking senior living community populations.
Who are the largest CCRC operators?
Acts Retirement-Life Communities, Erickson Senior Living, Life Care Services, and Vi Living operate among the largest CCRC networks per Census Bureau[6] business pattern data, with both nonprofit and for-profit operators maintaining multi-campus portfolios.
What financial protections exist for CCRC residents?
State CCRC statutes typically require actuarial feasibility studies, maintenance of financial reserve funds, entrance fee escrow accounts, and annual audited financial disclosure to residents per state regulatory frameworks governing continuing care contracts.
Sources & References
Government datasets and editorial sources used in this report.
- [1]U.S. Bureau of Labor Statistics, Quarterly Census of Employment and Wages bls.gov
- [2]U.S. Census Bureau, Economic Census census.gov
- [3]U.S. Census Bureau, County Business Patterns census.gov
- [4]U.S. Small Business Administration, SBA 7(a) Loan Program Data data.sba.gov
- [5]U.S. Census Bureau census.gov
- [6]Census Bureau data.census.gov
- [7]SBA Table of Size Standards sba.gov
- [8]Consumer Financial Protection Bureau consumerfinance.gov
- [9]Centers for Medicare and Medicaid Services cms.gov
- [10]Bureau of Labor Statistics bls.gov
- [11]SBA lending programs sba.gov
- [12]SBA 7(a) loans sba.gov
- [13]504 loans sba.gov
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