Market Needs and Economic Impact of CCRCs

December 18, 2015

 

"Market Needs and Economic Impact of Continuing Care Retirement Communities in North Carolina” is an independently produced report, authored by Dr. James Johnson, Jr., William R. Kenan Jr. Distinguished Professor of Strategy and Entrepreneurship, and a team of researchers at the Kenan-Flagler Business School at the University of North Carolina-Chapel Hill. The study examines the economic impact of continuing care retirement communities on our state and the potential they have for creating jobs and expanding our tax base.

With North Carolina’s older adult population set to explode by nearly 70% in the next twenty years (an additional one million seniors), the impact of CCRCs on our state’s economic health is staggering. 

· In 2014, North Carolina’s 57 CCRCs served nearly 19,000 residents and directly employed 15,000 staff. Their combined economic impact on the state was $1.7 billion annually and they paid $94 million in state and local taxes and $152 million in federal taxes.

· In 2034, the report projects that North Carolina CCRCs will serve more than 35,000 residents and employ 30,000 staff. Their combined economic impact on the state is estimated at $3.2 billion and they will pay $174 million in state and local taxes and $283 million in federal taxes. 

The study is the first of its kind in North Carolina and promises to shed new light on the scope of impact CCRCs have on the health of our state.  A  colorful one-page infographic is attached.

 

From LeadingAge NC Advocacy and Policy

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