Migrating Retirees: A Source for Economic Development

Communities depending solely on recruiting manufacturing industries for economic growth and development might be missing opportunities to better succeed with their efforts. Also, with all of the competition among communities for the relocation of these plants, the odds of success for many communities are low. Many smaller communities cannot compete in this strategy but have the necessary infrastructure for an overlooked strategy: attracting retirees. Older amenity and return migrants have high recession proof incomes (largely discretionary), and substantial financial assets that they transfer to their community of relocation. Their demand for goods and services stimulates the following industries: real estate, financial, health care, recreational, utilities, insurance, and retail. The community economic impact of these in-migrants is shown to be extremely positive.