A recent study conducted by the University of Georgia’s Terry College of Business shows that retirees are a huge boost to the Georgia economy.
According to the study, in recent years, Georgia has attracted on average, 16,000 retirees per year who have brought with them a net worth of $8 billion and have created approximately 28,800 jobs.
Director of Economic Forecasting at Terry College, Jeff Humphreys, says for every 100 retirees, about 55 jobs are created.
“In fact for every 1.8 retirees, one job is created in the state. Basically for every 100 retirees, we create about 55 jobs”, said Humphreys. “Those jobs tend to be at hospitals, home construction, doctors offices, and food and beverage stores.”
Humphreys pointed out that Elbert County is particularly good at drawing in retirees within the state.
“In Elbert County, I found that your county does a very good job of attracting retirees from other Georgia counties, you don’t attract too many from other states, but you do a very good job of attracting the people who know Georgia the best”, said Humphreys.
He says Georgia is already doing a good job bringing in retirees, but says there are some things the state can do a bit better.
“I just think we have to get the word out better. We have the warm weather, we have the natural amenities, and we have a pretty good tax structure that favors retirees”, explained Humphreys. “There are a lot of things we are doing right. I just think the one place we could do better is marketing the state more effectively.”
This study was conducted for the Georgia Department of Community Affairs, and a local breakdown of the study can be viewed by the Terry College of Business’ website at www.terry.uga.edu.