Estimating the economic impacts of elderly migration: an input-output analysis

Area of Science:

• Economics
• Demographics
• Regional Science

Background:

• Understanding the economic effects of population shifts is crucial for regional development.
• The in-migration of specific demographic groups, like the elderly, presents unique economic considerations.
• Florida experiences substantial elderly in-migration, necessitating an analysis of its economic consequences.

Purpose of the Study:

• To quantify the economic impacts of elderly in-migration on output, earnings, and employment in Florida.
• To assess the direct and total economic effects across various industries within the state.
• To provide a data-driven understanding of how the elderly population contributes to the receiving economy.

Main Methods:

• Utilized Consumer Expenditure Survey data to estimate income redistribution due to elderly in-migration.
• Employed the Regional Input-Output Modeling System (RIMS II) for Florida to model economic impacts.
• Calculated direct economic effects by industry and estimated total economic impacts.

Main Results:

• Elderly in-migration leads to significant positive impacts on Florida's economy.
• Increased output, earnings, and employment were observed as direct and indirect effects.
• The substantial economic resources of the elderly contribute positively to the state's economic activity.

Conclusions:

• Elderly in-migration is a significant economic driver for Florida.
• Policy and planning should consider the economic contributions of migrating elderly populations.
• The findings underscore the positive economic synergy between demographic shifts and regional economies.