Town officials, area businesses, non-profits and residents are teaming up to earn Pittsboro certification by the North Carolina Department of Commerce’s Retire NC program.
The community development initiative was designed to boost local economies by attracting retirees to towns that meet the quality of living standards sought by the mature community. The Retire NC Pittsboro committee is currently working to complete the application and raise the needed funds before the Jan. 15 deadline.
Once certified, Pittsboro will be highlighted and promoted by the N.C. Department of Commerce as a desirable place to retire. Fitch Creations Inc., Galloway Ridge at Fearrington and Carolina Meadows have already donated a total of $4,500 toward the project.
Born between 1946 and 1964, the Baby Boom generation is creating a surge of retirees. The Pew Research Center reports that beginning in 2006, about 4 million people will retire each year. They project that at least 400,000 will move to another state each year, bringing on average $320,000 to purchase a retirement home.
More than half of all U.S. consumption can be attributed to this diverse group of highly educated individuals, who spend about $2.3 trillion annually.
Pittsboro’s assets and amenities line up well with what Baby Boomers desire. The list of what retirees want in a retirement location most often includes:
- Climate – 4 mild seasons
- Recreation, shopping, restaurants
- Low cost of living
- Scenic beauty
- Good medical services
- Quality and available housing at reasonable prices
- Cultural, social, spiritual opportunities
- Continuing education and jobs
- Senior-friendly communities, safe quiet neighborhoods
Why are retirees important to economic development? When retirees move, they bring money and assets from other places. This money is available to spend locally, similar to salaries paid by manufacturing employers. The money retirees bring with them costs the new community very little to generate and, just like manufacturing salaries, the money creates new jobs. The primary economic benefits of in-migrating retirees include:
- Assets – Retirees bring with them bank accounts, cars, boats, and recreational vehicles.
- Incomes – Social Security, Medicare payments, pensions and dividends infuse money into the local economy.
- Spending – Economic expansion is stimulated as retirees purchase real estate, construct new homes, make retail purchases and use healthcare services.
- Taxes – Relatively wealthy, amenity-seeking in-migrants expand the tax base.
- Employment – Retirees increase employment as businesses expand and form to provide services.
- Visitors – Retirees generate visitors to their new community.
- Economic Stability – Retirees bring economic stability by diversifying the economy and bringing a secure payment stream.
Why should Pittsboro become a certified retirement community through the Retire NC program?
North Carolina is poised for a boom of in-migration retirees, and the Pittsboro area boasts many amenities sought by retirees including proximity to state-of-the-art medical facilities and three major universities. The Certified Retirement Community program takes local tourism efforts to a new level by actively encouraging people to move here. Retire NC provides tools to enhance current economic development efforts. Retire NC’s marketing benefits include promotion, e-marketing, social media, public relations and visitor services.
The Retire NC Pittsboro committee is made up of Judge Wade Barber; Dianne Reid, President of the EDC; Robert Enders, CEO of Chatham Hospital; Dr. Bud Merchant, President of CCCC; Pat Richardson, Director of Community Relations at Galloway Ridge at Fearrington; Deepa Sanyal, planner and member of the Chatham County Planning Board; Bett Wilson Foley, member of the Pittsboro Town Board; Joni Williams of Straight Up Realty; Amy Gorely, Director of Strategic Initiatives and Outreach at Carolina Meadows; Karen Wolfe of Twin Rivers; Beth Turner, member of the Pittsboro Town Board; Megan Coggins of the Council on Aging; and Penny Stallings of BB&T.
To learn more, contact Bett Wilson Foley at firstname.lastname@example.org or Pat Richardson at email@example.com. You can also visit nccommerce.com/cd/certified-retirement.
Courtesy of Retire NC