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Elder Law Prof Blog
Katherine C. Pearson, Editor, and a Member of the Law Professor Blogs Network on LexBlog.com

The Value of a Grey Economy.

By rmorgan

A few blogs ago, I posted about the Florida “Grey Belt”.  This blog is about the value of a grey economy to the states. The story in the Tampa Bay Times, was about a new study from Florida AARP:  AARP study: Older workers, retirees Florida’s biggest economic generators focuses on the positive financial impact that elders can have on an economy, at least in Florida:

The older generation generates 54 percent of the state’s economic output, works in 58 percent of the state’s jobs, and pays 67 percent of state and local taxes. It also accounts for 58 percent of total consumer spending, the chief driver to keep the economy churning…. Those numbers …  are part of a concerted effort to tout the value of Florida’s so-called “Longevity Economy” and urge state leaders to do more to support and attract the 50-and-up set.

Although Florida still is one of the top retirement destinations, it does have competition. Other states have realized the economic value of retired individuals and have marketing campaigns to attract those individuals to their states.

How much does this segment of the population bring to the Florida economy? A LOT, as in $429 BILLION to Florida’s gross domestic product (GDP) and 6 MILLION jobs according to a story about the study that is posted on the Florida AARP website.

The full report is available here.