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Article Excerpt
Courting retirees, it would seem, is more profitable than recruiting industrial jobs.
According to a retiree economic impact study from "Retirement Development: a How-to Guidebook," the annual gross income in a county's economy for a new industrial plant with 100 employees is $1.82 million, equivalent to the average annual income per 100 retiree households.
But leakages offset the average annual earnings of $18,200 in manufacturing by $1.27 million, by calculating 35 resident employees terminating their employment outside the county to work at the new plant ($637,000), 15 non-resident commuters obtaining employment at the new plant ($273,000) and federal and state taxes of 20%, or roughly $364,000, for plant employees, according to a December 2002 study.
Pension deductions at 7% for 100 plant employees negates $127,400, leaving a remainder of $418,600 direct economic impact per 100 industrial jobs versus $1.54 million per 100 retiree households. Bottom line: each relocated retiree household is the economic equivalent of 3.7 factory jobs.
"It was an excellent study by Mark Fagan," said Diana O'Toole, TMP, program manager of Hometown Mississippi Retirement, the state's...
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