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Seniors
can
have
a
substantially
positive
economic
impact
on
a
city,
county,
and
state.
They
spend
money
at
local
businesses
and
pay
city,
county,
SPLOST,
and
state
taxes.
Because
their
incomes
do
not
depend
on
local
economic
volatility,
seniors
provide
economic
stability
to
a
community.
Seniors
volunteer,
help
with
day
care
for
grandchildren,
visit
restaurants
during
the
week,
support
cultural
events,
and
tend
not
to
strain
the
infrastructure
during
rush
hours.
In
a
recent
University
of
Georgia
economic
study
entitled
Golden
Rules:
Evaluating
Retiree-Based
Economic
Development
in
Georgia,
director
Jeffrey
Humphreys
recommends
aggressive
marketing
and
a
concerted
rather
than
passive
approach
to
recruit
amenity-
seeking
retirees
as
well
as
to
retain
those
who
already
live
here.
Economic
Value
of
Seniors
The
Golden
Rules
study
by
Humphreys
is
one
of
the
few
to
measure
the
economic
impact
of
seniors.
This
study
directly
targets
Georgia.
Humphreys
found
that
in
an
average
12-month
period
(using
2007
to
2011
to
average),
15,805
retirees
moved
to
Georgia
from
other
states
and
from
abroad.
These
in-migrating
retirees
brought
$325
million
to
Georgia
while
the
retirees
leaving
Georgia
took
$241
million
away.
That
is
an
economic
gain
of
$83
million
for
the
state.
According
to
the
study,
this
net
gain
defines
Georgia
as
a
magnet
for
seniors.
Unlike
past
stereotypes
of
the
elderly
might
have
suggested,
the
seniors
of
today
typically
live
healthy,
active,
and
productive
lives
for
decades
after
retirement,
and
they
spend
money.
The
Golden
Rules
study
estimates
the
total
economic
impact
of
the
annual
in-migrating
15,805
seniors
on
output,
income,
and
state
GDP
was
$941
million.
The
influence
of
in-migrating
retirees
on
the
job
market
is
phenomenal.
The
University
of
Georgia
study
found
that
one
in-migrating
retiree
creates
.54
jobs.
Thus,
1.8
in-migrating
retirees
will
generate
one
job,
and
100
will
generate
54
jobs.
The
in-migrating
15,805
retirees
mentioned
in
the
study
generated
8,574
full
and
part-time
jobs.
As
mentioned,
these
15,805
in-migrating
retirees
had
an
annual
economic
impact
of
$941
million
in
sales.
They
spend
money
on
goods
and
services,
home
construction,
and
medical
assistance
that
is
paid
through
Medicare.
The
net
worth
of
these
in-
migrating
retirees
is
$8
billion.
The
Golden
Rules
study
only
considered
the
impact
of
in-migrating
seniors
and
did
not
estimate
the
negative
impact
of
seniors
who
move
out
of
the
state.
Recall
that
retirees
leaving
Georgia
(an
average
of
8,506
annually)
took
$241
million
out
of
the
state.
Thus,
for
maximum
economic
impact,
the
state
wants
to
prevent
economic
loss
by
both
retaining
and
attracting
seniors.
Atlanta
Not
Competitive
for
Retaining
and
Attracting
Seniors
Census
reports
for
the
last
decade
from
2000
to
2010
show
that
seniors
are
not
staying
in
the
city
of
Atlanta.
During
that
decade
the
national
average
for
growth
in
the
65+
age
group
was
15.1%
while
the
total
population
growth
was
9.7%.
For
the
city
of
Atlanta,
the
growth
for
the
65+
age
group
was
not
quite
2%.
This
suggests
that
even
the
expected
natural
aging
bubble
of
55+
year
olds
from
2000
did
not
stay
in
the
city
of
Atlanta.
Meanwhile,
the
state
of
Georgia
grew
by
30%
in
the
65+
age
group,
twice
that
of
the
national
average.
Similarly,
other
metro
counties
had
extraordinary
growth
among
the
65+
residents.
Forsyth
grew
in
that
group
by
125%.
Cobb
grew
by
111%.
(Attachments
3
and
4)
During
the
last
census
report
decade,
population
in
the
city
of
Atlanta
remained
stagnant
while
the
surrounding
metro
counties
saw
dramatic
growth.
The
total
population
increase
of
the
10
county
metro
area
was
678,371.
Gwinnett
grew
by
216,873.
The
Cobb
population
grew
by
80,327,
and
Cherokee
expanded
by
72,443.
For
the
city
of
Atlanta,
the
population
growth
was
only
3,529,
the
lowest
growth
in
the
10
county
metro
area.
Previous
estimates
had
predicted
a
far
greater
growth
within
the
city.
As
a
consequence
of
the
low
growth,
Atlanta
lost
millions
in
federal
dollars
that
are
linked
to
the
census
report.
(Attachments
1
and
2)
Fulton
County
Lags
Metro
Counties
in
Senior
Growth
Fulton
Countys
population
growth
was
not
stagnant.
The
total
population
grew
by
104,575
in
the
last
census
report
decade.
The
increase
in
the
Fulton
senior
65+
population
was
21%.
This
percent
is
higher
than
the
national
average
of
15.1%
but
lower
than
the
state
average
of
31%.
The
21%
growth
is
also
low
for
the
20
metro
county
area.
Other
than
Atlanta
with
2%
growth,
only
Barrow
with
13%
and
DeKalb
with
17%
had
less
growth
in
the
senior
population
than
Fulton.
All
the
metro
counties
certainly
have
the
amenities
to
attract
young
retirees
who
are
healthy
and
wealthy.
The
city
of
Atlanta
and
Fulton
should
be
at
the
top
of
the
list
with
amenities
that
include
shops,
restaurants,
theaters,
museums,
and
urban
walking
areas.
Atlanta
and
Fulton
have
all
of
these.
However,
Atlanta
and
Fulton
are
losing
out
in
this
market,
and
the
neighboring
counties
with
school
tax
exemptions
are
reaping
the
economic
benefits
of
seniors
and
showing
exceptional
growth
rates.
Counties
Offering
Senior
School
Tax
Exemptions
Not
surprisingly,
retirees
consider
taxes
when
they
move.
Most
seniors
are
on
a
fixed
income
which
usually
includes
a
pension
and
Social
Security.
The
Golden
Rules
study
estimated
that
on
the
average
a
single
in-migrating
retiree
has
an
income
of
$24,902
which
would
mean
that
a
senior
couple
would
have
an
average
household
income
of
$49,804.
According
to
the
study,
seniors
tend
to
spend
the
entire
amount
each
year,
but
they
must
make
wise
choices.
Interestingly,
the
income
of
an
out-
migrating
Georgia
retiree
is
a
little
higher
at
$28,405,
so
a
few
more
dollars
are
lost
by
failure
to
retain
each
existing
seniors.
The
school
tax
is
a
significant
part
of
the
property
tax.
In
Atlanta,
for
example,
the
school
tax
is
over
50%
of
the
property
tax
burden.
Relief
from
this
tax
can
be
the
decision
maker
for
many
retirees.
Nine
of
the
metro
counties
offer
seniors
complete
school
tax
exemptions
with
no
income
restrictions.
Those
counties
are
Carroll,
Clayton,
Cobb,
Douglas,
Forsyth,
Hall,
Henry,
Paulding,
and
Walton.
As
noted
by
the
census
data,
these
counties
have
experienced
dramatic
growth
in
the
65+
age
group.
These
counties
with
the
exemptions
attract
seniors
at
a
rate
much
higher
than
the
national
average.
(Attachments
5-8)
Interestingly,
Forsyth
County
passed
a
complete
senior
school
tax
exemption
for
age
65+
in
2000,
and
by
2009
the
Forsyth
County
News
reported
that
Forsyth
was
the
fastest
growing
county
in
the
nation.
Cost
of
Senior
School
Tax
Exemption
A
senior
school
tax
exemption
bill
was
proposed
seven
years
ago
for
the
city
of
Atlanta
as
House
Bill
#1263
and
sponsored
by
LaNett
Stanley-Turner.
It
was
passed
by
the
Metro
House
Delegation
but
stopped
by
the
Metro
Senate
Delegation.
The
reason
given
for
rejection
was
that
APS
Superintendent
Beverly
Hall
was
doing
a
great
job
and
needed
as
much
money
as
possible.
Although
no
official
cost
analysis
was
made
for
House
Bill
#1263,
estimates
were
that
probably
no
more
than
7%
of
Atlanta
homeowners
are
seniors,
and
some
of
them
do
not
own
property
and
thus
do
not
pay
school
taxes..
In
an
effort
to
understand
exactly
how
much
these
exemptions
would
cost,
City
Councilwoman
Yolanda
Adrean
talked
with
an
official
in
the
Fulton
County
Tax
Department.
Fulton
County
Chairman
John
Eaves,
who
also
wishes
to
bring
tax
relief
to
local
seniors,
recommended
this
official
who
confirmed
that
the
problem
in
calculating
cost
is
that
no
birth
dates
are
recorded
with
home
ownership
on
property
tax
records.
The
total
amount
of
school
tax
paid
by
Atlanta
and
Fulton
seniors
65+
is
probably
less
than
2%
of
the
annual
budget
for
the
schools.
Although
each
school
system
will
most
likely
object
to
a
loss
of
money
from
any
senior
exemption,
the
reality
is
that
the
taxpaying
seniors
are
already
relocating.
Looking
at
the
population
data
by
age
groups,
the
shift
comes
with
the
45
to
64
year
olds
as
people
plan
for
the
future.
The
Golden
Rules
study
says
that
most
seniors
plan
ahead
and
decide
before
age
65
where
they
will
relocate.
As
a
result,
Atlanta
and
Fulton
are
losing
valuable
revenue
and
human
capital
because
there
is
no
complete
school
tax
exemption.
Seniors
have
no
incentive
to
stay
in
Atlanta
and
Fulton.
counties.
Provide
an
incentive
to
retain
and
attract
the
economic
stimulus
that
this
growing
segment
of
the
population
has
shown
it
can
deliver.
(Attachment
10)
Implementation
Surrounding
counties
have
used
different
models
to
implement
senior
school
tax
exemptions.
The
exemption
could
be
immediate
at
a
designated
age
as
was
passed
in
Cobb
in
1978,
or
it
could
be
phased
in
over
a
5-year
period
as
is
done
in
Henry
County.
The
increments
could
start
with
age
70
and
gradually
move
down
to
age
65,
or
the
increments
could
be
a
percent
off
the
assessment
which
could
begin
at
age
65
and
end
at
100%
at
age
70.
Whatever
the
formula,
something
most
be
done
to
stop
the
drain.
Atlanta
silently
lost
the
Braves
to
Cobb,
and
now
Atlanta
is
silently
losing
the
social
and
economic
value
that
seniors
provide.
List
of
Attachments
Attachment
1:
ARC
Population
Data
(4
decades)
and
Estimates
Attachment
2:
Growth
of
Age
65+
(2000-2010)
Attachment
3:
Census
Report
on
Selected
Age
Growth
(2000-2010)
Attachment
4:
Percent
Increase
in
2000-2010
Age
65+
Population
Growth
Attachment
5:
List
of
Metro
Counties
with
100%
Senior
Exemptions
Attachment
6:
Comparison
of
Senior
Growth
with
100%
Exemptions
Attachment
7:
List
of
Senior
Exemptions
in
the
20
Metro
Counties
Attachment
8:
County
Map
of
Percent
of
65+
(2000-2010)
Attachment
9:
Recent,
New,
and
Proposed
Building
in
Buckhead
Attachment
10:
Annual
Economic
Impact
of
In-Migrating
Retirees
Reference:
Golden
Rules:
Evaluating
Retiree-Based
Economic
Development
in
Georgia
http://www.terry.uga.edu/media/documents/selig/golden-rules-2013.pdf
Director
Jeffrey
Humphreys
Selig
Center
for
Economic
Growth
Terry
College
of
Business
University
of
Georgia
August
2013
Table 3.1
Annual Economic Impact of In-Migrating Retirees
on Output, Labor Income, and State GDP in Georgia
(2011 dollars)
Initial
Spending
Total
Output
Impact
Total
Value Added
Impact
Total
Labor Income
Impact
Output
Multiplier
Consumer expenditures
Medicare
New home construction
393,576,110
163,961,070
94,357,600
480,575,881
283,150,340
176,953,446
279,557,722
172,122,041
92,940,914
175,965,223
126,634,457
62,505,342
1.22
1.73
1.88
651,894,780
940,679,667
544,620,677
365,105,022
1.44
Category
Notes:
The impact of initial spending on output, value added, and labor income was estimated using the IMPLAN Professional System provided by MIG, Inc.,
version 3.0, Type SAM multipliers, and 2011 data. Output refers to the value of total production, including domestic and foreign trade. Value added
includes employee compensation, proprietary income, other property type income, and indirect business taxes. Labor income includes both the total
payroll costs of workers who are paid by employers and payment received by self-employed individuals. The spending and impact estimates are for
a single year (one 12-month period) based on population data obtained from the U.S. Census Bureaus Current Population Survey for the ve-year
period 2007-2011.
Source: Selig Center for Economic Growth, Terry College of Business, University of Georgia, 2013.
Table 3.2
Annual Economic Impact of In-Migrating Retirees
on Employment in Georgia
(full- and part-time jobs)
Category
Consumer expenditures
Medicare
New home construction
Initial
Spending
Direct
Employment
(jobs)
Total
Employment
Impact
(jobs)
Direct Job
Employment
Multiplier
Employment
Multiplier Per $Million
Initial Spending
393,576,110
163,961,070
94,357,600
2,982
1,442
688
4,670
2,555
1,349
1.6
1.8
2.0
11.9
15.6
14.3
5,112
8,574
1.7
13.2
Notes:
The impact of initial spending on employment was estimated using the IMPLAN Professional System provided by MIG, Inc., version 3.0, Type SAM
multipliers, and 2011 data. The employment estimates are for a single year (one 12-month period) based on population data obtained from the U.S.
Census Bureaus Current Population Survey for the ve-year period 2007-2011.
Source: Selig Center for Economic Growth, Terry College of Business, University of Georgia, 2013.
15