North Dakota’s senior citizens generate annual income of almost $1.9 billion and comprise a growing market for entrepreneurs, a new analysis of census figures shows. Some communities are starting to take notice.
State residents 65 and older have incomes comprising 16.5 percent of the state’s total income, according to the North Dakota State Data Center. They also hold more than half of the state’s interest income, which includes dividends and rents, an important source of investment funds, said center director Richard Rathge.
« What I’m suggesting is seniors are assets, » he said. « If you can look at them as assets, it changes your thinking, it changes the discussion. »
Society often views the elderly as a responsibility to be shouldered, when they present an opportunity for communities and businesses, Rathge said.
Seniors made up nearly 15 percent of North Dakota’s population in 2000. The percentage is expected to rise to 25 percent by 2030. Policy-makers should consider targeting incentives to keep and attract them, Rathge said.
« Instead of chasing an industry, maybe we need to chase a category of people, » he said.
The alumni foundation at Dickinson State University is doing just that. The foundation is planning Hawk’s Landing, a new development on campus that caters to retirees.
The $11 million complex, featuring cottages and apartments as well as libraries and classrooms, will be home to 90 or 100 retirees when it opens next fall.
« One of the goals of our foundation is to retain our alums and also attract seniors, » said director Kevin Thompson. « They’re an economic engine unto themselves. »
Community leaders in Cooperstown, a farming community of 1,000 people northwest of Fargo, also are striving to draw seniors by developing a complex combining local schools, a medical center and assisted living facilities.
« I think some (seniors) will stay, even some possibly will come back, » said school Superintendent Wade Faul.
« Money follows the seniors, » said Jerry Sandstrom, Cooperstown’s community development director.
Cooperstown and Griggs County officials envision a « kindergarten through seniors » cooperative, in which seniors volunteer as mentors for schoolchildren and take part in lifelong learning programs.
Linda Butts, the state’s economic development director, said communities and entrepreneurs are increasingly embracing seniors. To be attractive, communities must have health care, safety and amenities, she said.
« North Dakota has that in spades, » Butts said.
Linda Wurtz, associate director of AARP in North Dakota, said she thinks communities are beginning to think more about how to plan for an aging population.
« There’s a lot more emphasis on home- and community-based services, » she said. « I think the entrepreneurs are recognizing the fact that baby boomers can age differently than their parents. »
source: Associated Press – original text can be found at http://www.grandforks.com/mld/grandforks/news/state/13165255.htm
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