Attracting Retirees as an economic development strategy

Broadly speaking, there are two kinds of economic development strategies: produce something and sell it (agriculture, manufacturing) or have people bring money (tourism, population redistribution, commerce). There is a clean-growth industry out there that Brandon should be pursuing- retirees.

When our parents were relocating after retirement, they were looking for warmer winters and golf. Baby Boomers, on the other hand, require a far different and complex set of amenities for their retirement location decisions. http://www.smalltownretirement.com/advantages.htm

We provide a high quality of life, and have broad-based parks and recreational opportunities. Our property values are competitive, and for retirees relocating from major urban areas such as Toronto and Calgary, this allows their fixed income dollars to go further.

When Boomers were asked to identify the community services and programs that they currently use and they will want to use more in the future retirement years, they identified four categories:

·       social, cultural, and leisure activities;

·       parks and recreational services and facilities;

·       senior designed community and social services; and

·       education and library services.

Younger, more affluent retirees are migrating to areas like Brandon that are rich in amenities and community services. The availability of these opportunities in the community is second only to family location as factors influencing retirees’ decisions about where to live during their retirement years. Enhancing local social, cultural, and leisure activities, parks and recreational services and facilities, and education and library services for adults over age 50 is an economic development strategy that will result in a high rate of return on Brandon’s investment.

Attracting retirees to Brandon has the same effect as attracting businesses. They spend, and their spending has a multiplier effect on employment. They will need a place to live, generating additional property tax revenue. The amenities retirees attract will provide jobs to entice new workers into Brandon, or persuade younger workers that they don’t need to leave home to find a job. And retirees themselves may want to work part time, or volunteer. More than half of baby boomers say they expect to devote more time to community service or volunteering after retirement.

Brandon is well positioned to attract retirees. Socio-economics, historic character, community values, amenities, and access to quality healthcare are our assets. While we don’t have mountains, beaches, or warm winters, we do provide a quality of life that is desirable.  Retirees from larger urban centres such as Winnipeg and Regina would find Brandon affordable, charming, and familiar.