Aged Markets in Focus
Today we're examining
three aged communities with a high proportion of Social Security
recipients: Jonesboro, AR; Traverse City, MI; and
Tampa-Lakeland-Sarasota, FL. While demographic and economic indicators
offer a solid overview, data on Social Security recipients provides a
clearer and more nuanced understanding of these regions..
First, the numbers:
| | Jonesboro, AR | Traverse City, MI | Tampa-Lakeland-
Sarasota, FL |
| Population | 378,045 | 668,314 | 5,435,857 |
| GDP (Billion) | $17.67 | $38.12 | 345.1 |
| - National Rank | 164th | 137th | 19th |
| GDP per Capita | $46,734 | $57,033 | $63,485 |
| - National Rank | 166th | 145th | 116 |
| Average HH Income | $63,251 | $79,751 | $95,795 |
| Poverty Rate | 20.20% | 12.70% | 12.20% |
| Social Security Recipients | 28.60% | 32.40% | 24% |
| - National Rank | 5th | 1st | 30th |
| - Retiree % | 62.40% | 73.80% | 75.50% |
| - Disabled | 20% | 13% | 11.50% |
| - Children % | 8.20% | 4.90% | 4.90% |
| Dependency Ratio | 67 | 74.9 | 68.3 |
| Seasonal Population | 30,933 | 540,113 | 690,083 |
| Seasonal Ratio | 0.082 | 0.808 | 0.127 |
Demographic Composition, Social Security Recipients and Poverty
Let's
first look at social security recipients, poverty and the demographic
composition of the areas, including the proportions of children and
people over 65:
- Jonesboro, AR
has a high poverty rate of 20.2%, suggesting significant economic
challenges. The region has 28.6% of its population receiving social
security benefits, with 62.4% of those being retirees. This high
percentage of social security recipients, along with a considerable
proportion of disabled individuals (20%), and children (8.2%) highlights
a population that may be economically vulnerable, potentially reliant
on social support systems.
- Traverse City, MI
also shows a high percentage of social security recipients (32.4%) and a
poverty rate of 12.7%. A notable characteristic of Traverse City is its
substantial seasonal population (540,113) with a seasonal ratio of
0.808, indicating many residents live there only part-time. This high
percentage of retirees (73.8%) and the transient nature of the
population can create economic variability throughout the year.
- Tampa-Lakeland-Sarasota, FL
exhibits a lower poverty rate (12.2%) compared to Jonesboro and is
comparable to Traverse City. With 24% of its population receiving social
security, primarily retirees (75.5%), Tampa benefits from a substantial
retirement community that likely contributes economically through
pensions and savings. The lower dependency ratio (68.3) suggests a
balanced demographic distribution, supporting economic stability.
Income and GDP Per Capita
Income levels and GDP per capita are vital indicators of economic health and potential for growth:
- Jonesboro, AR
has the lowest GDP per capita ($46,734) and average household income
($63,251) among the three regions. These figures highlight significant
economic challenges and suggest limited growth potential unless
substantial economic development initiatives are undertaken.
- Traverse City, MI
fares better with a GDP per capita of $57,033 and an average household
income of $79,751. While these figures are not as high as those in
Tampa, they indicate a moderate economic environment with potential for
growth, particularly if seasonal economic activities are effectively
managed.
- Tampa-Lakeland-Sarasota, FL
leads with a HHI of $95,795, a GDP per capita of $63,485 and the
highest GDP among the three regions ($345.1 billion). These figures,
along with its substantial population, suggest a robust economic base
with significant disposable income, supporting a wide range of services
and industries.
Seasonal Population and Economic Impact
The impact of seasonal populations can significantly influence local economies:
- Traverse City, MI has a substantial seasonal population
(540,113) and a high seasonal ratio (0.808), indicating that many
residents live there only part-time. This can create economic
fluctuations, with peaks during high seasons and potential challenges
during off-peak times. Effective management of these dynamics is crucial
for sustained economic health.
- Tampa-Lakeland-Sarasota, FL also has a notable seasonal population
(690,083) but with a lower seasonal ratio (0.127), suggesting a more
stable year-round population compared to Traverse City. This stability
can help maintain consistent economic activity and service
provision.
Conclusion and Recommendations
- Jonesboro, AR
faces significant economic difficulties with high poverty rates and low
income levels. Economic development initiatives, enhanced social
programs, and workforce training are essential to support its population
and stimulate growth. Recommendation:
Local government should attract Investors that focus on affordable
housing, healthcare services, and community development projects to
enhance the quality of life and attract new residents.
- Traverse City, MI
has moderate economic indicators but must address the challenges posed
by its significant seasonal population. Strategies to stabilize economic
activity throughout the year and leverage seasonal influxes for
long-term investments are critical. Recommendation:
Tourism and hospitality investments, coupled with seasonal business
models, can drive growth. Developers should consider building vacation
homes and seasonal rental properties to accommodate the transient
population, but also invest in infrastructure for the permanent
population.
- Tampa-Lakeland-Sarasota, FL
shows strong economic health with high GDP per capita and substantial
income levels. Continued investment in infrastructure, diversified
industries, and maintaining economic stability year-round will help
sustain its growth and economic resilience. Recommendation:
Focus on high-end retail, premium housing developments, and healthcare
services to cater to the affluent retiree population. Mixed-use
developments that combine residential, retail, and leisure spaces can
provide comprehensive solutions for the community.
This
high level approach can initiate important conversations about policy
decisions and broad economic development strategies. Grocers, retailers,
and developers have significant opportunities to contribute to and
benefit from these regions' growth by aligning their investments with
the specific economic dynamics of each area.
Locating
a storefront, a grocery store or planning a housing development require
pinpoint precision, which is where tools like PopStats, which contains
over 1,300 variables at the block group level, enable neighborhood by
neighborhood analysis to target consumers and communities effectively.
This allows for real-time insights into demographic and economic
changes, helping businesses and policymakers make data-driven decisions
to foster sustainable growth.
Learn more:
https://www.jonesboro.org/467/Economic-Development
https://www.jonesborounlimited.com/
https://traverseconnect.com/
https://www.gtcountymi.gov/
https://tampabayedc.com/
https://tbrpc.org/
