DALLAS-- It seems the storage business is booming thanks to Baby Boomers and real estate.
"Self-storage has been a rapidly expanding business. It's really interesting. It took 25 years to build the first billion square feet of storage space across this country. Then eight years to build the next billion," Callbox Storage owner Kyle Bainter said.
Bainter owns Callbox Storage and has seen the changes first-hand. "A lot of Baby Boomers want to live more urban and want to live downtown now that their kids are out of school. So with that, a lot of times, comes a need for self-storage," Bainter said.
He says there are a lot of reasons why Baby Boomers are using storage facilities. "It could be things that wouldn't fit in their new apartment because maybe they're downsizing. It could be furniture that their kids would want after they're not using it anymore," he said.
While Baby Boomers are doing that, Millennials are having the opposite of a boom when it comes to pushing out babies.
The Centers for Disease Control and prevention released new data showing that the birthrate has dropped to an all time low, which has diaper sales plummeting. For companies that make diapers, that's not good.
Kimberly Clark, for example, announced that they will be laying off 13% of their workers. On the other hand, the percentage of women having babies in their forties is going up -- but apparently not enough to fill a diaper company with cash.
It seems Millennials are taking their time. It makes sense, considering they likely make about $10,000 less than what their parents did at their age.
This must be a sign of the times.