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Viewpoint: Seniors are the solution to economic problems

With all the bickering over the Sino Bright project and accusations that seniors are standing in the way of progress, maybe it’s time to take a look at the actual facts of who contributes most to the economic health of a region.
Viewpoint

With all the bickering over the Sino Bright project and accusations that seniors are standing in the way of progress, maybe it’s time to take a look at the actual facts of who contributes most to the economic health of a region.

According to the Atlantic Arc Commission that was established in 1989 and covers five countries (Ireland, United Kingdom, France, Spain and Portugal), an economic analysis of the impact of welcoming 1,000 new retirees age 65 or older to a 20-county region resulted in a $7.8 billion increase in its GDP. The ARC commission’s research and analytics manager states: “Attracting new people of traditional retirement age and above is an economic force on par with tourism.” And this was in a region where tourism was a large contributor to the economy.

In another report published by Oxford Economics: “The longevity economy is one of the most vital in the US with 106 million people over 50 years old spending $7.6 trillion in annual economic activity and $4.6 trillion on consumer goods and services.”

According to the USA Today, seniors 55 and over accounted for 42 per cent of consumer spending in the US, more than triple the 12 per cent the under 34-year-old age group spent.

If City of Powell River Council wants to promote tourism here,  seniors spend more money on destination travel than any other age.

The city states that influx of capital is needed here, and developers seem to be going all-in building more housing units. Seniors would pay full taxes on their investment in the community, unlike foreign investors who are given tax breaks,  and they would be a ready market for profit-making senior housing complexes down the road.

Who better to support the new cannabis business opening up here than a bunch of arthritic old people lighting up to ease their pain?  

Instead of city council spending money travelling around the world looking to bring foreign investment to Powell River, maybe they should look closer to home for ways to boost the local economy. Forget the paid trips to China, get out there and promote Powell River as an age-friendly community waiting for their money.

Richard Montagna is a senior citizen and Powell River resident.