ATTRACTING RETIREES TO

SOUTH CAROLINA

LIST OF CONTENTS PAGE 1

EXECUTIVE SUMMARY

PAGE 3

BACKGROUND

I. II. III.

The retiree economy The need to attract retirees to South Carolina Research objectives

PAGE 5

METHODOLOGY

I. II. III. IV.

Background research Focus groups Survey of Potential new retirees and visitors to South Carolina Survey of In-Migrant retiree residents in South Carolina

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LITERATURE REVIEW

I. II. III. IV.

The retiree market Factors that motivate and attract retirees The ‘retirement transition’ stage of life Retirees in South Carolina

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COMPETITOR ANALYSIS

I. II. III. IV.

What are South Carolina’s competitors doing to attract retirees? Certified retirement community programs Other state initiatives to attract retirees International retiree initiatives

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QUALITATIVE RESEARCH RESULTS

I. II. III. IV. V.

Focus group results The state’s strengths and weaknesses in attracting new retirees Target markets and the competition Retiree trends Predictions for the future of retirement communities

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QUANTITATIVE RESEARCH RESULTS

I. II. III.

Survey I: Current retirees in South Carolina Survey II: Potential retirees from outside of the state Survey III: Visitors to South Carolina

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ECONOMIC IMPACT OF RETIREES ON SOUTH CAROLINA

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RECOMMENDATIONS

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REFERENCES

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APPENDICES

A: United Van Lines infographic B: Project Team C: Survey

The main objectives of this research project was to understand South Carolina’s competitive position as a relocation destination as perceived by key stakeholders (community planners, government officials, existing and potential retirees, and visitors). Specifically, three main areas were addressed: to identify the main factors that would attract (or constrain) new retirees to relocate to South Carolina; to assess the potential economic impact of attracting new retirees to the state; and to provide policy-makers and marketers with recommendations that would assist them in attracting this lucrative market. To achieve these objectives, the research team first conducted a comprehensive literature review, and this was followed by three focus groups with retirement industry leaders in various regions of South Carolina. Surveys of three groups - visitors, existing retirees and potential retirees – were subsequently undertaken to provide a scientific assessment of how the state’s assets, and competitive position as a retiree destination, are perceived. The expenditures of existing retirees were analyzed in order to understand the potential economic impacts of attracting new retirees to the state. The review of existing literature suggests that today’s retirees or would-be retirees are different to previous cohorts of retirees. The most significant motivations for retirees remain the same; a warm climate, an appealing natural environment, a favorable lifestyle, low cost of living, a range of medical facilities, and a network of family and friends. However, today’s retirees are also looking for cultural and educational opportunities for lifelong learning, safe and walkable neighborhoods, and opportunities for active wellness. They are not seeking to retire from an active and engaged life, and they may even start new businesses or new careers paths. There is also evidence of a ‘retirement transition’ stage, whereby the expectation of future retirement acts as a catalyst for behavioral change, that might include a change of residence and a shifting of attitudes towards work, health and lifestyle. South Carolina itself is becoming more and more attractive to retirees, with the baby boomer population leading relocation from the Northeast and Midwest to the West and warmer regions of the South. The state has around 151 retirement communities, with 77 of these being in the Lowcountry region of the state, 42 in the Pee Dee/Myrtle Beach region, 12 in the Upstate, and 20 in the Midlands. In various rankings of retiree locations, South Carolina ranks highly in terms of tax-friendliness and affordability, but tends to rank lower for quality of life and health care. South Carolina has no structured program to help communities plan, prepare and attract retirees, while competitors have instigated various initiatives to attract retirees. Many states for example have initiated Certified Retirement Community programs, including Texas, North Carolina, Mississippi, Tennessee, West Virginia and Louisiana.

In the focus groups, the state’s climate, cost of living, quality of healthcare (particularly in the Upstate), and college towns, were all perceived as attractors for retirees, whereas a poor infrastructure and a lack of a coordinated marketing effort to attract retirees were seen as weaknesses. Interviewees agreed that the Northeast and Midwest were the strongest markets for recruiting potential retirees, but competing states such as Florida, Texas and Tennessee were perceived as being more aggressive in going after this market. Participants also noted that today’s retirees are looking for a healthy lifestyle, business opportunities, lifelong learning, and access to technology, and that retirement communities will have to adapt to meet these new demands. The survey of 236 current retirees in South Carolina revealed a general satisfaction with their decision to move to the state. Most of them expect to continue living here, and would recommend South Carolina as a place to retire. The majority had visited South Carolina three or more times before deciding to relocate, saying they were mainly motivated to move because of the climate, cost of living and recreational activities. After moving, they were particularly impressed with the welcoming people and the climate, but least satisfied with access by air, shopping facilities, and the general infrastructure. Their main interests were spending time at home with friends and family, visiting libraries, and engaging in recreational activities. The survey of 320 potential retirees – those outside the state who have considered relocating to another state for retirement – revealed that South Carolina was high on the list of places they are considering. About two thirds have been here on vacation, and those that have been are significantly more likely to have thought about relocating to South Carolina for retirement than those who have not. When choosing a retirement destination, respondents felt that the top three evaluation factors were the cost of living, housing prices and climate. Connectivity and a variety of culinary attractions are also important to this group. The factors that might prevent them from moving to South Carolina are family concerns and the weather, including the potential for high winds, heavy rain, and flash flooding. In order of preference, most would prefer to retire in small towns, coastal regions, mountains, rural, and urban areas. In general, potential retirees had lower well-being and life satisfaction scores than existing retirees. The final survey of 322 visitors aged between 45 and 65 who had visited South Carolina in the past three years, showed a strong interest in retiring to the state. In fact, they are significantly more likely to relocate to the state than potential retirees, and would also be more likely to recommend and spread positive word of mouth about South Carolina as a retiree destination. Although Florida ranked higher as a potential retirement destination, three quarters of the sample had considered relocating to South Carolina. In order of

ATTRACTING RETIREES TO RURAL SC

1. EXECUTIVE SUMMARY

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ATTRACTING RETIREES TO RURAL SC

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preference, most would like to retire in coastal regions, small towns, rural areas, mountains, foothills, and urban areas. When choosing a retirement destination, they are looking particularly at the cost of living, climate and safety, and they perceive South Carolina to have the advantages of plenty of places to visit, a favorable climate, and recreational activities. However, visitors believe the general infrastructure is poor in South Carolina, and for many, the state is not close enough to family and friends. Conservative estimates would suggest that recurring spending among current retirees in South Carolina generates an annual total economic impact of approximately $29.6 billion in total output. This dollar value is associated with 333,521 jobs and nearly $11 billion in labor income for South Carolinians. If retirement in-migration to South Carolina were to increase beyond its current rate of 53,845 individuals annually by 1%, 5%, or 10%, this would yield an increase in the number of in-migrant retirees by 538, 2,692 or 5,385 respectively. If inmigration expanded by 10%, then the economic impact would expand by approximately $201.6 million in total output, which is associated with 2,274 jobs and nearly $74 million in labor income for South Carolinians. The one-time economic impact would expand to approximately $638.6 million in total output, which is associated with 4,720 jobs and nearly $161.8 million in labor income for South Carolinians. Based on the results above, we have made a number of recommendations. Initially, given the potential economic impact, the state of South Carolina needs to actively pursue retirees as an economic development strategy. Next, funding and resources should be allocated for planning, recruiting, and preparing communities to house the next generation of retirees. To be truly competitive, the state needs to upgrade its infrastructure and built environment (i.e. roads, transportation sectors, bridges, telecommunication, and signage), and improve access to quality healthcare. Retirees of the future want amenities and activities such as parks, trails, access to water, libraries, and good restaurants and cafes. Access to technology is also a must to attract new retirees to the state. In short, South Carolina’s retirement community of the future needs to be an ‘active’ and ‘smart’ community. An ongoing coordinated marketing campaign should then be initiated to strengthen the state’s brand as a retiree destination, a campaign that should stress the warm welcome the state offers, and the cost of living advantages over states like Florida. There should be one organization in the state that is responsible

for coordinating such a campaign, and the joint marketing of amenities to retirees and tourists would be a cost-effective start to foster retiree-based economic development. When targeting would-be retirees, marketers need to appeal to the subjective age of the target market and not their real age. Current retirees are significantly more likely than the other groups to feel mentally and physically younger than they really are. Marketers could therefore promote the fact that retiring to South Carolina will make you happier and make you feel younger. Communities should consider changing how they brand themselves. Instead of being labeled as retirement communities, they could be marketed as ‘smart and activeliving’ communities. Another recommendation for marketers, is to use current retirees as ambassadors; 89% of them would recommend South Carolina as a place to retire and would spread positive word of mouth about the state. This represents an opportunity to involve residents of retiree communities in an ambassador program, and make them part of the marketing strategy. Marketers elsewhere in the U.S. have adopted such strategies. Many retirees come to South Carolina because of family ties, so we also recommend that marketers reach out to potential retirees in other states (and countries) who have connections to South Carolina. Marketers should consider targeting the African-American population in particular. Related to this, marketers in South Carolina seeking to attract retirees should consider focusing on nostalgia as a strategy to draw in the aging population. Nostalgia has become a big driver in destination choice, especially for baby boomers. Finally, we suggest that marketers promote the ‘College Town’ aspects of South Carolina’s communities. Results of the study support the contention that today’s retirees are seeking educational opportunities for lifelong learning. College towns allow retirees to share their wisdom, find like-minded friends, and give them access to lectures, readings, concerts and plays. In addition, college towns usually have access to quality healthcare, public transportation, and ample volunteer opportunities. South Carolina has many rural and urban communities with excellent education institutions, all of whom could offer education programming to retirees. This would not only help educational institutions increase enrollment but would help engage retirees in the community, would help keep their minds active, could help stimulate new and innovated ideas, and thus increase employment in and around the region.

I. The Retiree Economy New retirees are a coveted demographic group for towns and regions seeking to expand their tax base and create jobs. These new retirees pay taxes, spend money on local goods and services, and volunteer their time and money for local causes, thus contributing significantly to the local economy as well as the community. Evidence from the U.S. in general suggests that in local economies, the infusion and re-circulation of retiree in-migrant dollars generates new jobs, especially in real estate, healthcare and financial services, and raises an area’s tax-revenues more than local government expenditures. Studies have shown that rural counties, where incomes are based on retirees, have outpaced all others in per capital income growth. There is also recent evidence of a ‘retirement transition’ stage, whereby the expectation of future retirement acts as a catalyst for behavioral change, including a possible change of residence. Often, these ‘amenity migrants’ are empty-nesters making the decision to move to the countryside in their late 50s and early 60s, a particularly important demographic given the current age profile of the post-war Baby Boom. In many cases these households have considerable savings and/or disposal income as a result of their previous property sale and the absence of a mortgage. Such migrants also record a high incidence of community participation, volunteering and holding positions of responsibility in community groups and activities. Despite all the positive aspects of attracting retirees and pre-retirees, there are some concerns that regions that are too eager for retirees’ money will not be able to provide the medical services their new senior citizens require as they age. According to many studies, this has not been a problem for states attracting amenity migrants. These retirees are often healthier and more affluent than those who do not migrate. Also, when retirees become more dependent, they usually move to areas where their closest relatives reside in order to receive needed assistance (Crown, 1988). In fact, some economists suggest that rural areas would be better off attracting retirees than new businesses. Retirees are wealthier and pay more taxes than younger people, and young workers often leave rural communities to find work in metropolitan areas, so rural towns often lack the workers needed for new businesses. Research has shown that retirees can have a positive economic impact on rural communities. However, it is critical that proper foresight and careful planning is conducted to ensure that all stakeholders benefit from this initiative. Resource allocation, funding, and well thought out systems must be developed to make sure that services for retirees are available and accessible to maximize the return on investment without compromising the needs of the current residents.

II. The Need To Attract Retirees To South Carolina Existing data confirm both the need to improve and diversify rural economies and the potential positive impacts of luring new retirees to the state. South Carolina’s rural counties suffer from higher average unemployment and poverty rates than the state’s urban counties. Estimates from 2013 indicate that a poverty rate of 25.1% exists in rural South Carolina, compared to 17.3% in urban areas of the state. The unemployment rate in rural South Carolina is 10%, while in urban South Carolina it is 7.2%. Globalization and technological changes have adversely affected South Carolina, destroying many old-economy jobs. Rural areas of South Carolina in particular are struggling, and dramatic reductions in county and city budgets have limited the ability of local stakeholders to create innovative projects to stimulate local economies. Increasing the number of retirees relocating to rural South Carolina is an effective way to create new jobs and businesses in these depressed areas, increase real per capita income and improve tax revenues. Previous research by the Center for Carolina Living shows that new residents to South Carolina spend on average $278,000 for a new home, and 14% intend to start a new business. Each new household creates an estimated 1.9 jobs locally. The 140,000 or so people who move to South Carolina each year bring a minimum of $10.4 billion in new cash to the economy in their first year of arrival, creating new jobs and increasing tax revenues, decreasing poverty, fostering small business growth, and encouraging long-term sustainable economic development. South Carolina is well positioned to increase its share of retirees. Population growth in many U.S. retirement destinations has slowed, partly due to the economic downturn, but also because retirees are looking for new small-town and rural destinations with lower housing costs, less traffic and more natural attractions such as mountains or lakes. Climate and the availability of healthcare are also major motivating factors in the migration decisions of retirees. South Carolina has the resources to compete for would-be retirees. The state is primarily rural, has a lower cost of living than many U.S. states, has a very favorable climate, and an unusual abundance of natural resources that include beaches, mountains, pristine forests, lakes and several river systems. The state has a strong health service infrastructure in place that includes primary, secondary and tertiary hospitals and primary care providers and specialists. South Carolina’s rich history and culture also increase its attractiveness as a new home for retirees. However, the Palmetto State still ranks below some states in attracting retirement-age transplants, and rural areas of the state in particular have very few retirement communities. Between 2010 and 2013, the five most attractive states for

ATTRACTING RETIREES TO RURAL SC

2. BACKGROUND

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4 ATTRACTING RETIREES TO RURAL SC

III. Research Objectives Specific objectives of this research project were: • To understand South Carolina’s competitive position as a relocation destination as perceived by key stakeholders, including existing and potential retirees. • To identify the main factors that would attract new retirees to relocate to South Carolina, and rural areas in particular. • To assess the potential economic impact of attracting new retirees to South Carolina in terms of new revenue to the economy, the impact on state and local tax, the fiscal impact of volunteerism, and jobs created. • To provide policy and decision-makers with recommendations that will assist them in attracting this lucrative market.

3. METHODOLOGY I. Background Research Initially, a comprehensive literature review was conducted that examined retiree trends, motivational factors or barriers for retirees relocating to another state/country, considerations of retirees when choosing their destination or retirement community, and best practices of retiree community development within and outside South Carolina. The literature review was used as the foundation for the development of the surveys and focus group questions. An inventory of retiree communities in South Carolina completed this background research. II. Focus Groups Three focus groups were conducted in three distinct regions of South Carolina - Greenwood, Columbia, and Charleston. Each focus group of 8-12 individuals consisted of a mix of key leaders, small business owners, industry representatives, recent retirees, government officials and other community

advocates. The focus groups were structured and consistent. Various topics were explored such as the state’s strengths and weaknesses in attracting new retirees, potential target markets, competition, retiree trends, and predictions for the future of retirement communities. III. Survey of Potential New Retirees and Visitors to South Carolina This part of the project provided a scientific assessment of how the state’s assets, brand and competitive position as a retiree destination are perceived by potential retirees. Taking into account the traditional source markets of domestic visitors to South Carolina, and considering the actual and planned retirement ages of Americans today, the study targeted 45-65 years old residents of states other than South Carolina and the qualified respondents must have considered relocating to another state for retirement. The targeted sample was drawn from a nationally representative consumer panel maintained by Qualtrics. In addition, visitors to the state in the same demographic were targeted to complete the same survey. To capture a more accurate picture of the visitors’ perception of South Carolina, qualified respondents needed to have visited the state in the past three years. Currently South Carolina hosts nearly 30 million visitors a year, and many of these visitors tour the state with the primary purpose of investigating the purchase of a second home, relocation, retirement or exploring new business and job opportunities. On Hilton Head Island for example, 71% of current residents first traveled to the island as a leisure, convention, or business guest (Town of Hilton Head Island, 2010). Survey questions were based on an extensive review of the literature and on the results of the focus groups, and explored the following issues: • Various factors considered when evaluating and choosing a retirement destination • South Carolina’s strengths and weaknesses as a retirement destination • South Carolina’s overall image and brand (as compared to other retirement destinations) • Interest in and motivations for retiring in South Carolina • Interest in and motivations for continuing to work or volunteer in South Carolina • Barriers to retiring in South Carolina • Other destinations in the consideration set IV. Survey of In-Migrant Retiree Residents in South Carolina Another survey was conducted to examine the in-migrant retirees in South Carolina and their relocation motivations, perceptions of the state’s attributes and competitive position, and their economic activities/contribution derived from their relocation. For purposes of this proposal, in-migrant retirees are defined as retirees from outside of the state who have

ATTRACTING RETIREES TO RURAL SC

seniors, as measured by average annual net migration for the 55-plus set, were Florida, Arizona, South Carolina, Texas and North Carolina, respectively (Robaton, 2015). Florida was the biggest draw by far, netting more than 61,000 seniors per year between 2010 and 2013. What is needed in South Carolina is comprehensive, up-to-date research to support a strategy for attracting retirees to the rural counties of the state. A USDA study suggested some time ago that strategies to attract older migrants require an increased knowledge of key factors attracting baby boomers moving to rural and smalltown America (Cromartie & Nelson, 2009). Others have called for further research to fully understand migration decisionmaking at midlife, and it has been over 10 years since a study of retirement in South Carolina was commissioned.

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ATTRACTING RETIREES TO RURAL SC

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settled in South Carolina. Contact information for in-migrant retirees were obtained via the Center for Carolina Living and the Osher Life Long Learning Institute. An email survey link was disseminated by the partners and surveys were collected through the Qualtrics platform. The following issues were explored in this survey: • • • • • • • •

When retirees moved to rural South Carolina Number of people in the household The number of times they visited the state before deciding to relocate The major factors that influenced their decision to move to rural South Carolina when they evaluate the relocation destinations within the consideration set The motivations for choosing South Carolina as their relocation destination Household income, assets, and expenditure/spending information during and after relocation to the state If applicable, questions on new businesses such as number of jobs created, new investment in the local community, etc. Interest in volunteerism

4. LITERATURE REVIEW I. The Retiree Market Retirement is commonly considered as the period of time when one has ended their work or professional career. In the U.S. the largest proportion of retirees are 65 and above years of age, although one study found that 50% of those between 55 and 64 years of age had quit work (City of El Paso, 2008). According to Poudyala, Hodges and Cordell (2008) and the Louisiana Retirement Development Commission (2006), the retiree population is projected to increase significantly, reaching 72 million nationwide by 2030. The largest proportion in this population is the baby boomers, who were born between 1946 and 1964, and they account for more than 28% of the U.S. population. Sunil, Rojas, and Bradley (2007) project that by the year of 2030, approximately one out of five Americans will be 65 years old. With the rapid increase in the elder population, especially the baby boomers, the number of retiree movers will certainly grow. According to United States Department of Agriculture, baby boomers have entered or are entering a new stage in their life cycle (Cromartie & Nelson, 2009). Many of them are completing the duties of child-rearing, changing housing preferences, and thinking about early retirement activities.

Moreover, USDA reported that instead of employment related issues, quality-of-life considerations are their priority when choosing where to move and live. Similarly, Poudyala et al. (2008) argued that a majority of the physically and financially healthy retirees move to facility-rich regions for a better quality of life. The regions with rich natural and man-modified naturebased recreational amenities show significant advantages in attracting retirees. Some suggest therefore, that marketing these amenities might possibly be a more effective strategy than providing fiscal incentives for attracting retirees (Duncombe, Robbins, & Wolf, 2003). Retiree immigrants, especially those who are well-educated and economically prosperous, can have a very positive impact on local economies (Otterbourg, 2008). They promote local economic growth and development through purchasing local goods and services (Sastry 1992), and they usually increase the local tax revenue (Sunil et al., 2007). Evidence from the U.S. shows that the new dollars from retiree immigrants create new jobs in industries such as health care, real estate, and financial services (Sunil et al., 2007). Similarly, Poudyala et al. (2008) found that retirees often make donations and contribute to community services, which in turn promotes rural economic development. II. Factors That Motivate and Attract Retirees Motivation determines retirees’ relocation decisions, and many studies have focused on such motivations and the location decision-making process. According to Pearce’s (1991) travel career ladder, the motivations for retirees relocating to other states or countries are to meet the following needs: physiological, security, relationships, self-development, and fulfillment. In a recent study of international retirees and their motivations, Wong and Musa (2014) applied the concept of the Travel Career Ladder (TLC) to help understand the motivational themes of potential retirees. They found important motivations were good weather, affordability, excellent healthcare facilities, safety and political stability, and recreation and entertainment opportunities. They concluded that the dominant motivation themes were clustered in the seeking of self-fulfillment needs. One unique finding in their study was that retirees described this period of their life as a ‘meaningful second life’; a stage of life to look forward to, as the first life or previous life was taken up with commitments toward family and work. Table 1 presents some of the trends for retirees.

TRENDS

RATIONALE AND EVIDENCE

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Downsize the house and move to nearby regions

With the kids moving out of the house, people think it is not necessary to keep the original big house. Thereby, retirees move to nearby regions with familiar surroundings

2

Move to be near their children and grandchildren

Since the children of boomers are now beginning to get married and have children of their own

Relocate to areas with a lower cost of living

The primary drivers are the cost of living and access to affordable healthcare. Evidence supports the notion that many boomers are moving away from high cost of living blue states like Massachusetts, New York, Illinois and California, and relocating to lower cost red states like Texas and the Carolinas

Relocate to less congested areas

The migration patterns among baby boomers show that they are leaving the big cities to smaller cities with less noise and congestion, as well as a slower pace

Move into senior living facilities

Retirees want to spend time and money on pursuing their interests instead of on maintaining home and the backyard. Therefore, the trends for retirees’ relocation are the condos and smaller, low-maintenance homes, including developments that offer special services for older people, such as convenient access to medical facilities, social clubs, golf and other recreational activities, book clubs and various educational activities.

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Relocate to a college town.

Retirees can take advantage of the athletic and cultural amenities of the college, and they can audit the classes for lifelong learning. Transportation in the college town is excellent, park and green areas are well maintained, and the surrounding communities are brimming with local business and facilities, such as banks, coffee shop, bookstore, galleries, and art and music theaters

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Moving abroad

Mexico and certain Central American countries offer a combination of low-cost living and good climate. While places like Malaysia also offer a quality health care

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Source: ( Jalbert Kelly Financial Group, 2016; Slade, 2013) Most studies have found that the most significant motivations for retirees are a warm climate, the natural environment and a favorable lifestyle (Abdul-Aziz, et al., 2015; Wong & Musa, 2014). A low cost of living and available medical facilities are also important to retirees (Karner & Dorfman, 2012), especially those moving abroad (Ono, 2008). Wiseman (1980) proposed a conceptual model of decisionto-move factors which includes social and community participation (such as bonding with local residents), amenities (such as shopping facilities), cost of living reductions (such as taxes), life disruption and need for care (such as medical care and insurance). Additionally, a network of family and friends is an important consideration for retirees, with Gundel and Peters (2008) suggesting that the main barrier to relocating in another state is the lack of social bonds. Retirees often have a difficult time making friends with local residents and this leads to loneliness and unhappiness (Huber & O’Reilly, 2004).

Studies have shown that retirees in the U.S. move from the north to the south because of the mild climate as well as amenities such as hiking, fishing, boating, and bicycling (Nelson, Nelson, & Trautman, 2014). Some American retirees like relocating to rural places because of the natural and cultural amenities (Gosnell & Abrams, 2011). Lundholm (2012) argued that retirees might relocate to their birthplace after age 55. Other studies have found the main motivations for older Americans to relocate in another state are environmental quality (Gosnell & Abrams, 2011) and health services access. In terms of social-economical preferences, towns with diverse economies and part-time job opportunities are attractive (Brock, 2015). High-speed Internet connections are also favored for allowing work from home opportunities. Small towns or rural areas are often preferred because they usually offer a lower cost of living and a less expensive lifestyle.

ATTRACTING RETIREES TO RURAL SC

Table 1: Retiree trends

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ATTRACTING RETIREES TO RURAL SC

Relatively low state and local taxes can be attractive to retirees, especially when the tax falls more on income taxes than on sales or property taxes (Humphreys & Kochut, 2013). In a recent study looking at the ‘best’ states for retirement, four of the top ten have special rules for retirement income that reduce the tax burden on early retirees, and five other state have no income tax whatsoever (Wallace, 2015). As Figure 1 shows, Kentucky has been rated as the best state for early retirement based on income, sales and property tax rates, health insurance costs, and cost of living for retirees aged 55-64. South Carolina is ranked 28th out of 51 states in the same study.

driving conditions, and emergency preparedness are favored (Lehning & Harmon, 2013). In terms of housing preferences, retirees look for accessible, affordable, and visitable housing options (Lehning & Harmon, 2013). Condos and smaller, lowmaintenance homes are preferred because many retirees are empty-nesters (Brock, 2015). Easy access to high-quality health services is an additional attraction. For example, the Certified Retirement Communities in North Carolina are required to be located within 30 miles of a hospital and/or emergency medical services (North Carolina Certified Retirement Community Program, 2011). Furthermore, retirees search for high-quality health care so that they can continue to go skiing, biking, climbing (McIlwain, 2011). Wellness programs and opportunities for active wellness (Crawford, 2013) are also attractive because retirees desire to keep fit and healthy. In terms of supports and services, retirees are attracted to a wide range of health care, supportive services, general retail services, healthy foods, and social integration (Lehning & Harmon, 2013). Diversity of service industries such as health care, home building, retailing and household services (Humphreys & Kochut, 2013) are important, because the main three components of retirees’ spending include new home construction, purchase of goods and services, and Medicare spending for health care services (Miller, Hy, & Romund, 1999).

Figure 1. SmartAsset.com’s top ten states for an early retirement (Wallace, 2015) 8

Today’s retirees also prefer cultural and educational opportunities for lifelong learning (Walker & Thierry, 2011). College towns are popular because retirees can enjoy benefits including getting a college degree at low cost or even free of charge. College towns allow retirees to share their wisdom, find like-minded friends, and give them access to lectures, readings, concerts and plays (Walker, 2015). In addition, college towns usually have access to quality healthcare, public transportation, and ample volunteer opportunities (Walker, 2015). Furthermore, cultural and recreational diversity is important to retirees because research shows that the older population in the United States has become more racially and ethnically diverse (Ortman, Velkoff, & Hogan, 2014). With regard to transportation systems, retirees prefer low traffic volumes. Community features including safe and walkable neighborhoods, reliable transportation options, safe



Overall, retirees in the U.S. are looking for livable communities with a new lifestyle for older adults. They do not consider retirement as a permanent vacation; instead, they want to continue working on their own. They do not retire from an active and engaged life, and they may start new businesses and new careers for financial reasons or for a sense of fulfillment (McIlwain, 2011). New retirees are also looking for more amenities. Research estimates that 46% of retired movers are amenity migrants, who prefer attractive physical environments and leisure opportunities (Humphreys & Kochut, 2013). As a result, warm winters plus golf in a resort context are not enough to satisfy current retirees and pre-retirees. More factors have to be taken into consideration, including the natural environment, social-economics, culture, amenities and facilities, and support services (Verdoorn, 2011). Specifically, retirees are attracted to quality-of-life factors as described below (see Table 2). In terms of natural environment preferences, retirees prefer mild/warm climate, lakes or ocean, pastoral settings, mountains, or parks (Humphreys & Kochut, 2013), because escaping cold winters is the basic need of retirees (Verdoorn, 2015). In addition, a wealth of history and attractions are also favored. Table 2 lists some of the key retirement community characteristics and indicators.

Community Characteristic

Indicator

Natural Environment

Mild/warm climate, lakes or ocean, pastoral settings, mountains, parks, wealth of history and attractions

Social-economics

Diverse economies, parttime jobs, high-speed Internet connections, lower cost of living, low state and local taxes

Culture

College towns, cultural and educational opportunities, cultural and recreational diversity

Transportation

low traffic, safe and walkable neighborhoods, reliable transportation options, safe driving conditions, emergency preparedness

Housing

Accessible, affordable, open, functional, lowmaintenance

Health Care

Easy access to high-quality health services, diversity of health care services, wellness programs and opportunities

Other support

Diversity of service industries such as general retail services, healthy foods, social integration, home building, household services

In studies of why retirees choose to relocate in another country, motivations would seem to include an efficient visa system (Ono, 2008; Wong and Musa, 2014), geographical closeness to the home country (Gibler et al., 2009), access to an airport (Gibler et al., 2009), and a close relationship between the relocated country and home country (Sunil et al., 2007). However, there are also some barriers to relocating to another country or state. For some retirees, the language would be the most significant barrier (Gibler et al., 2009; Wong & Musa, 2014). In addition, a sense of community and friendship with local residents or lack thereof (Sunil et al., 2007) and the acceptance of local people and customs, are barriers for some retirees (Howard, 2008).

III. The ‘Retirement Transition’ Stage Of Life As mentioned earlier, there is recent evidence of a ‘retirement transition’ stage, whereby the expectation of future retirement acts as a catalyst for behavioral change, including a possible change of residential preferences as well as changing attitudes to work, health and lifestyle (Stockdale & MacLeod, 2103). In the U.S., the pre-retirement cohort has been found to share the residential preferences of the post-retirement age cohort for less populous and amenity-rich areas (Stockdale, Philip, & MacLeod, 2013). Similarly, pre-retirement preferences for traditional retirement and scenically attractive rural locations were observed in the U.K. and Sweden (Stockdale, 2006). But migration at midlife, as distinct from retirement migration, is an under-researched area of migration research. What we do know is that marketers targeting those in this transition stage should avoid stressing their declining years. Not only because it can be frustrating in general but because baby boomers do not associate themselves with old age (Keuhner-Herbert, 2004). Muller and O’Cass (2001) used the term “subjective age” to describe an aspect of the self-concept that emphasizes how one feels, irrespective of one’s chronological age. It is a neglected area of scientific enquiry, but one that warrants further analysis (Cleaver & Muller, 2002). Boomers on average feel 7-12 years younger than they actually are (AARP, 2008; Sasvari, 2007). Even if advertisers are trying to be funny, they should not depict boomers in negative roles, or present them as doddering seniors as they will push away more than they entertain (Nyren, 2005). Chen and Shoemaker (2014) go so far as to say that ‘young seniors’ of 55 to 60 years should no longer be considered seniors. Certainly, it is clear that today’s retirees or would-be retirees, are different than previous cohorts of retirees. One report by John McIlwain (2011) referred to this new generation of retirees as ‘trendsetters’, suggesting that they think and act unlike any group of seniors before them. According to the author, despite their good health, trendsetters will demand high-quality health care to replace knees, hips, and other body parts so they can continue to go biking, ski, climb mountains, and carry the grandkids. He also suggests that they will not be seeking traditional retirement housing, but they might be open to a new style of life care community, one that is fully wired, and that supports entrepreneurs, small business owners, writers, and filmmakers. The range of activities offered would have to reflect current trends like yoga, meditation, and other spiritual practices, along with more traditional religious activity. This presents an opportunity for a creative new approach to senior living. IV. Retirees in South Carolina South Carolina Department of Commerce (2009) suggest that because of the high quality of life and low cost of living, the state of South Carolina experienced rapid growth in attracting the retiree population between 2004 and 2007, with the state becoming a popular destination for retirees.

ATTRACTING RETIREES TO RURAL SC

Table 2: Key retirement community characteristics and indicators

9

ATTRACTING RETIREES TO RURAL SC

10

The in-migration citizens over 50 years old in South Carolina increased by nearly 50,000 people in that period. At the time, Draper (2009) found four major reasons why retirees tend to relocate to South Carolina: (1) four mild seasons; (2) low housing costs; (3) recreational opportunities; and (4) scenic beauty. According to a study by South Carolina Parks Recreation and Tourism in 1995, the economic benefits of these retirees included (1) increases in local sales and sales taxes; (2) enhancement of local property tax base; (3) increase in local capital pool; (4) creation of jobs; (5) stabilization of business cycle; (6) stimulation of service development; and (7) potential for rural economic development (SCPRT, 1995). Little research has been conducted since, but evidence suggests that the state is becoming more and more attractive to retirees. According to a recent study by United Van Lines (2016), South Carolina was the second most popular moving destination in 2015 (see Table 3). The Southern states saw a high number of people moving in with 53% of total moves being inbound. In a separate survey of its customers, United Van Lines found the top reasons for moving South included company transfer/new job, retirement and proximity to family. In fact, according to the company’s 2014 National Movers Study, 38% of people who moved to South Carolina, moved for retirement (United Van Lines, 2014 - see infographic in Appendix A). “For nearly 40 years, we’ve been tracking which states people are moving to and from, and we’ve also recently started surveying our customers to understand why they are making these moves across state lines,” said Melissa Sullivan, director of marketing communications at United Van Lines. “Because of United Van Lines’ position as the nation’s largest household goods mover, our data is reflective of national migration trends. The aging Boomer population is driving relocation from the Northeast and Midwest to the West and South, as more and more people retire to warmer regions” (United Van Lines, 2016). United Van Lines has tracked migration patterns annually on a state-by-state basis since 1977. For 2015, the study is based on household moves handled by United Van Lines within the 48 contiguous states and Washington, D.C. United classifies states as “high inbound” if 55 percent or more of the moves are going into a state, “high outbound” if 55 percent or more moves were coming out of a state or “balanced” if the difference between inbound and outbound is negligible.

Table 3: Top inbound states of 2015 (United Van Lines, 2016) Rank

State

1. Oregon 2.

South Carolina

3. Vermont 4. Idaho 5.

North Carolina

6. Florida 7. Nevada 8.

District of Columbia

9. Texas 10. Washington

South Carolina is ranking highly on other related lists. In 2015, due to the low income and property tax for seniors, South Carolina was ranked as a Top 10 tax-friendly state for retirees by Kiplinger (see Figure 2). This is because the state does not tax Social Security benefits and provides a generous retirementincome deduction when calculating state income tax. State income tax rates are reasonable, and property taxes are very low. Senior homeowners also qualify for a homestead exemption. Figure 2: Retiree tax map (Kiplinger, 2016)



South Carolina also ranked highly in a recent study by WalletHub, who analyzed 24 metrics aggregated under three key categories – affordability, quality of life and health care - to determine which were the ‘best and worst’ states for retirees in 2016 ( Jones, 2016). Each metric was scored from zero to 100 – with 100 being the best and zero the worst. The final rankings are listed in Table 4, with the categories and underlying metrics shown in Table 5. Not surprisingly, Florida ranks first, but perhaps Wyoming and South Dakota ranking the second and third is more of a surprise. South Carolina comes in fourth, ranking highly in terms of affordability, but relatively low for quality of life and health care.

Rank

State

Score

Affordability Rank

Quality of Life Rank

Health Care Rank

1

Florida

70.75

2

3

15

2

Wyoming

67.09

1

28

16

3

South Dakota

66.62

14

29

1

4

South Carolina

62.50

6

26

34

5

Colorado

62.23

27

6

11

6

Idaho

62.19

10

32

29

7

Texas

61.85

9

16

40

8

Montana

61.39

21

22

10

9

Nevada

61.19

8

12

43

10

Virginia

61.06

15

14

31

ATTRACTING RETIREES TO RURAL SC

Table 4: Best states for retirees in 2015 according to WalletHub (Jones, 2016)

11

Table 5. Metrics used to Determine the Best States for Retirees (Jones, 2015) Affordability — 40 % Adjusted Cost of Living Taxpayer Rankings Friendliness of Taxation on Social Security and Pension Income Annual cost of In-Home Services

Quality of Life — 30 % Percent of population aged 65 and up Elderly-Friendly Labor Market Mild Weather Ranking Museums per Capita Theaters per Capita Music Venues per Capita Golf Courses per Capita Adult Volunteer Activities Violent Crime Rating Property Crime Rate Air Quality Drinking Water Quality

Health Care — 30 % Family Physicians per 100,000 Dentists per 100,000 Nurses per 100,000 Health Care Facilities per 100,000 Public Hospital rankings Emotional Health Life Expectancy Aged 65 and Up Death Rate

12 ATTRACTING RETIREES TO RURAL SC

49 certified communities on its list. North Carolina and Mississippi list 15 each. Tennessee promotes retirement in 23 selected communities/areas. West Virginia has certified 6 districts and Louisiana has certified 5 areas.

In order to become a certified retirement community in Texas, communities must complete a rigorous application process including the completion of a Figure 3: Geographical location of retirement communities in South Carolina retiree desirability assessment. Each application is reviewed and scored by an independent advisory committee comprised of volunteers who are experienced in various aspects of community and economic development. The GO TEXAN stamp of approval then ensures that each certified community has demonstrated that it can meet the living, employment/volunteer, health, entertainment, education and safety needs of its citizens and visitors. The criteria for certification include everything from the climate, tax structure and employment opportunities, to health services, continuing education and quality of life.

5. COMPETITOR ANALYSIS

I. What are South Carolina’s Competitors Doing to Attract Retirees? South Carolina has tended to emphasize planned retirement communities as a vehicle to bring retirees into the state. Other states have instigated structure programs to attract retirees. Some are largely passive approaches that provide information to local communities to enable them, if they so desire, to design and implement local retiree attraction strategies. Others involve using the state government as an active agent for attracting retirees by supporting state marketing efforts and increasing retiree-related development investments. The following sections summarize those initiatives. II. Certified Retirement Community Programs A number of states have initiated Certified Retirement Community programs, and these include Texas, North Carolina, Mississippi, Tennessee, West Virginia and Louisiana. As of September 2016, it appears that there are over 100 certified retirement communities in the U.S. Texas has

Visit North Carolina, the publicprivate organization that leads the state's visitor promotion efforts also operates a community development program for communities that are positioning themselves to attract retirees as part of an economic and community development strategy. The state currently enjoys a robust in-migration of retirees who desire to have what North Carolina is offering. In 2008, the North Carolina General Assembly recognized the inherent panoply of quality living assets that the state had to offer and established the N.C. Certified Retirement Community Program as a vehicle to designate communities that offer what they considered unparalleled quality of living and amenities that are sought by the mature community. To gain certification, a local government must submit an application for consideration. The application solicits information on demographics, housing/ technology, healthcare, local economy, leisure/cultural opportunities, services for retirees, community/ education/military, uniqueness, strengths, and climate. Initial evaluation of the community and technical assistance is provided by Visit North Carolina staff. Once a community has completed an application and been certified, Visit North Carolina helps market and promote the community.

ATTRACTING RETIREES TO RURAL SC

In South Carolina, we counted 151 retirement communities in 2016, with 77 of these being in the Lowcountry region of the state, 42 in the Pee Dee/Myrtle Beach region, 12 in the Upstate, and 20 in the Midlands (see Figure 3 below). A list is provided in Appendix B.

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ATTRACTING RETIREES TO RURAL SC

14

The primary target market of North Carolina is people between the ages of 50 and 65, who live an active lifestyle, are amenity seeking, and are willing and able to relocate. A dedicated website (http://www.retirenc.com/) and various social media outlets are used to communicate with the audience. E-brochures have been created featuring attractive communities in North Carolina, and visitor services and magazines are also used in their marketing approaches. Furthermore, the Retire NC team, along with private partners, attends retirement community exhibitions such as the IdealLiving Expos to continue promote the Certified Retirement Community Program. North Carolina’s certified retirement community program has a five-year designation, after which communities are required to submit an application for recertification to remain in the program. One unique feature of the NC model is the incorporation of tourism. The state utilized tourism as an opportunity for potential retirees to evaluate the place as a desirable retirement location and to visit those who have retired in the state. Amenity-seeking retirees frequently gravitate to the same places that attract tourists, so for some communities, the joint marketing of amenities to retirees and tourists is a costeffective way to foster retiree-based economic development. Officials in Hendersonville, a small town in the Blue Ridge National Heritage area in North Carolina, recognized years ago that many individuals who retired to their community, first visited as tourists. They have subsequently been very successful in attracting a strong population base of well-educated and affluent retirees. In Mississippi, to qualify as a Certified Retirement City, each town must pass an intensive three-month screening process conducted by Hometown Mississippi Retirement, the state's official retiree attraction program. Each city is evaluated on criteria including affordable cost of living, low taxes, low crime rate, quality medical care, recreation, educational and cultural opportunities, and most importantly, a warm, inviting community spirit. There are now 15 Certified Retirement Cities in Mississippi offering a variety of retirement lifestyles. In promoting these certified cities, Mississippi highlights its rich history and culture, outstanding cuisine, excellent medical care, warm climate, affordable housing, low property taxes, no state income tax on retirement income, a low cost of living, and continuing education at local colleges/universities. Mississippi’s certified retirement communities program is also coordinated by its tourism organization, Visit Mississippi. In West Virginia, there are six areas that have been recognized by the Office of the Governor as official Designated Retirement Communities (DRC). These six communities have successfully completed an application process to demonstrate that they have the necessary amenities to accommodate the needs of retirees. Each has been evaluated and found to provide excellent housing, health care, education, recreation

and cultural opportunities including shopping, social services, and transportation. DRCs can join RetireWV, which offers benefits including: (1) access to the retiree prospect database; (2) dedicated space on the RetireWV website; (3) communication support with retirees through a tollfree telephone number; (4) special inclusion in statewide marketing efforts and; (5) the opportunity to network with other communities implementing retiree attraction programs in the state. RetireWV is the official organization of West Virginia's Designated Retirement Communities (DRC). The members include representatives from each of the state's DRCs, as well as the state partner organizations: WV Division of Tourism, WV Development Office, WV Parkways Authority, AARP West Virginia and the WV Bureau of Senior Services. RetireWV is responsible for the publication of the state's main retiree marketing tool, The Retirement Times, which aims to recruit new communities into the program and provides information to public and private entities on the benefits of attracting retiree as this growing market matures. In Louisiana, the Certified Retirement Community program recognizes places in Louisiana that the state recognizes as premier retiree locations. The state attracts retirees by highlighting its tax-free pensions, low property taxes, low cost of living, warm climate, and rich culture. Louisiana used to have a program encourage retirement districts (Louisiana's I-12 Retirement District) but the state’s retirement initiatives have evolved into the Certified Retirement Community program. Local communities selected for certification receive inclusion in state-level marketing efforts, technical assistance programs, networking opportunities and grant funding opportunities to support the program. The programs typically require that communities attend a training seminar and then complete a rigorous application. Finally, Tennessee has a similar program called "Retire Tennessee" that promotes retirement in 23 selected communities/areas. Each community meets the state's criteria of providing the resources and amenities needed to be a viable retirement destination. The marketing program, in its tenth year, was recently reorganized under the Tennessee Department of Tourism Development by the Department of Economic and Community Development. The program’s website (http://www.retiretennessee.org) aims to match potential retiree’s interests with a community that is likely to appeal to them (see Figure 4). In 2014, Tennessee earned the No. 1 spot among top retirement states in a Bankrate. com study, which ranked states by such data as climate, tax rates, cost of living and access to health care. Then in 2016, Tennessee was among Forbes list of “The Best Places to Retire in 2016”, particularly because it does not have a broad-based state income tax.

III. Other State Initiatives to Attract Retirees



Although Alabama does not have a certified retiree program, the state has attempted to attract retirees into rural communities for many years. In terms of marketing efforts to attract retirees, Alabama is one of the most aggressive states to adopt wide-range strategies (Chestnutt, 2007). In its marketing report, a systematic procedure of how to attract retirees was stated including funding opportunities, creating awareness, developing a promotion strategy, and establishing an evaluation scheme (Reeder, 1998). The Alabama model is successful because of its integrated system and state assisted efforts. For example, the state provides planning and technical assistance manuals to communities that are considering attracting retirees as an economic development strategy (Chestnutt, 2007). Furthermore, each county of Alabama has a County Extension Coordinator who works with state programs and the local chamber of commerce to establish Alabama as a preferred location for those looking for retire and relocate. Among the states that showed successful retiree-attracting initiatives, Georgia remains highly competitive because of its well-established tax structure. Retirees are looking for places with relatively low income taxes. Georgia’s tax structure is especially appealing to high-income retirees due to its generous retirement income exclusion (e.g., $130,000 for couples) (Humpherys & Kochut, 2013). In addition, most retirees would like to buy a house in the place they choose to retire. Georgia’s property tax is below the national average and many local governments provide special property tax breaks for elderly residents. Meanwhile, there is no estate or inheritance tax in the state. Furthermore, Georgia offers tax exemptions for food, drugs, and medical services, which adds more value to the choice (Reeder, 1998). Arkansas has a number of well-known retirement locations such as Hot Spring and Mountain Home (Miller, Hy & Romund, 1999). Although there has been a limited organized state effort to help these places promote themselves to the retiree

In addition to the above cases, there are further examples of how states attract potential retirees. Idaho and North Dakota adopted the back-home model targeting former residents of the states (Reeder, 1998). The so-called back-home model uses word-of mouth advertising to attract former residents. For example, North Dakota’s “Project Back-Home Cooperative” launched a direct mail program. Direct mailings were sent to former high-school graduates and others who had left the state over the past 40 years. The message in the mail contained reminder information of their home community’s good points and asking if they would be interested in retiring back home. In Idaho, local volunteers wrote to friends, family, and others who were born, educated, or worked in the area at one time, including those who worked on military bases. Such word-ofmouth advertising was supplemented by modest advertising in mature-market magazines and coordinated with tourism and centennial marketing efforts. Some states have employed self-help models by forming public-private partnerships. For instance, the State of Washington had such partnerships consisting of representatives from both the State’s Department of Trade and Economic Development and private community development agencies (Reeder, 1998). Both parties formed a retirement task force with its principal objective to help rural communities that desire to attract urban retirees. The task force produced a self-help guide book to advise those interested communities on how to set up local retiree-attraction committees, find sponsoring organizations, create promotional materials, arrange visits, and report results to the central program office. IV. International Retiree Initiatives Outside of the U.S., the competition for attracting retirees is intensifying. There are an increasing number of Americans deciding to retire abroad because of the desire for higher a standard of living offered at a fraction of the cost compared to a similar lifestyle in the U.S., as well as the change in scenery. In terms of cost, there are five nations have been especially popular among American retirees for financial reasons: Ecuador, Panama, Costa Rica, Portugal, and Malaysia.

ATTRACTING RETIREES TO RURAL SC

market, Arkansas’ destinations have attracted retirees for many years through word-of-mouth (Reeder, 1998). In 1993, the state promoted some less-known rural places by adopting the real estate organization model. The state’s real estate association initiated this statewide effort called “Share Arkansas”. The Share Arkansas Center created a network of local retirement development efforts incorporating key stakeholders such as city governments, chambers of commerce, and individual real estate agents (Reeder, 1998). The Center also established a systematic marketing/sales process to follow up on inquiries of potential retirees and to arrange on-site visits.

Figure 4: Tennessee’s dedicated website for retirees (http://www.retiretennessee.org)

15

16 ATTRACTING RETIREES TO RURAL SC

Many countries in South America and Central America have retirement assets to offer and have launched marketing initiatives to attract international retirees. Ecuador has been attracting many American retirees due to its high standard of living with significantly lower day-to-day living costs compared to the U.S. Seniors 65 and older get sales tax refunds, halfprice bus and plane tickets and front-of-the-line privileges everywhere from the bank to airport customs. Meanwhile, Ecuadorian property taxes are predominantly much lower. Further, the country maintains a reputation for delivering high-quality healthcare at a reasonable cost relative to the rest of the world. These reasons together make Ecuador attractive in the international retirement market. Like Ecuador, Costa Rica is known for having one of the best healthcare systems in Latin America and Central American countries. One can argue that the recent influx of American expatriates to the country is largely due to its high-quality healthcare system offered at a lower cost. Similarly, the healthcare in Panama competes with the Western standard at a lower cost. For example, the Punta Pacifica of Panama City collaborates with Johns Hopkins University to offer quality facilities to retirees similar as they would find in the U.S. in more rural areas of the country. Moreover, Panama’s Pensionado retirement allows U.S. pensioners and social security recipients with a minimum income of $1,000/month to receive discounts on various products and services as an incentive to encourage their relocation. Panama even offers seniors discounts on utility and doctor's bills and offers cheaper mortgages to retirees.

Countries in the Eastern Mediterranean region are also accelerating their entrance into this market. Croatia and even Albania, for example, offer tax rates of between 15 percent and 20 percent and offer a lower cost of living compared to some of their more developed counterparts. Greece is also becoming attractive to retirees because of its low living cost. It has become a popular destination for German retirees. Middle East states are also attracting the wealthy retirees. According to the Natixis Global Retirement Index, in 2010 the UAE was considered the 10th-best country offering for retirees’ quality of life. It is now number three. The UAE’s attraction is very straightforward. It has no income tax, and unlike the European destinations, it is in the middle of a massive construction boom. That means it attracts not only rich retirees but the full range of workers. Despite its comparatively high cost of living, it seems that Dubai is deservedly earning its nickname of “The New Spain”. A growing number of developing countries are also targeting retirees. Like the more developed countries, they are wooing seniors with benefits ranging from travel and health care discounts to tax breaks. Some countries, such as the Philippines and Malaysia, have government agencies devoted to attracting foreign retirees. Malaysia currently has in place the ‘Malaysia My Second Home’ initiative aimed at attracting retirees from both developed and developing countries (Wong and Musa, 2014). Meanwhile, others have streamlined their visa process and introduced low monthly income requirements to make it easier to move to their country. In Thailand, the country's retirement visa (renewable annually) is available to those retirees with monthly pensions paying 65,000 baht ($2,000) or to those depositing 800,000 baht ($24,000) in a Thai bank account. In Nicaragua, where the country is targeting retired North Americans, people as young as 45 can qualify for the retiree residency program as long as they have a monthly pension or Social Security income of just $600 a month. The courting of American retirees started with Costa Rica's "pensionado" program, which offered special tax breaks for retirees and became popular in the 1980s.

6. QUALITATIVE RESEARCH RESULTS I. Focus Group Results As mentioned in the introduction, three focus groups were conducted in Greenwood, Columbia and Charleston. Each focus group of 8-12 individuals consisted of a mix of key leaders, small business owners, industry representatives, recent retirees, government officials and other community advocates. Various topics were explored such as the state’s strengths and weaknesses in attracting new retirees, potential target markets, competition, retiree trends, and predictions for the future of retirement communities.

ATTRACTING RETIREES TO RURAL SC

For Europeans, especially the British, Spain has led the market for many years but economic uncertainties after the 2008 crash and Spain’s subsequent fractured economy has driven many back home. Portugal, Spain’s neighbor, was one of the first alternative retirement destinations to emerge. Immediately after the 2008 crash, Portugal introduced a very attractive 10-year income tax exemption for foreign residents. Portugal’s motivation for an all-out effort to attract retirees from Northern Europe was simply to boost its economy. Surprisingly, Portugal is also attracting many French who upon retirement become frustrated with the exorbitant taxes imposed in their home country. As a result, it is the French who are purchasing the bulk of the real estate in Portugal, making it now the third-largest European expatriate community in Portugal after Spain and Britain. The World Economic Forum ranked Portugal No. 12 in the world for quality of infrastructure for 2010-2011 and No. 11 in the world for 20122013, ahead of the U.S. in both periods. It shows that a strong infrastructure exhibits a positive effect on both economic development and quality of life, which becomes another major reason retirees want to relocate in Portugal. The island of Malta is also becoming popular as a retirement destination with Europeans. The ‘Malta Retirement Plan’ allows EU nationals who take up residency to enjoy income tax rate of 15%.

17

ATTRACTING RETIREES TO RURAL SC

II. The State’s Strengths and Weaknesses in Attracting New Retirees Figure 5: Word clouds generated from discussion of the State’s strengths in attracting retirees

18



In discussing the strengths of South Carolina for attracting new retirees, many respondents pointed to the state’s natural assets including climate, the coastline, and the proximity to the mountains. “It just promotes itself ” said one participant. Others referred to manmade assets including some wellknown vacation destinations such as Hilton Head, Myrtle Beach, and Charleston. “I think a lot happens naturally, you get the coastal advantage, and you got the whole dynamic of Hilton Head, Charleston, Isle of Palms, all that stuff that has been going on for years.” Another key attractor according to participants is the affordable cost of living. “Tax advantages sometimes help, a lot of times when people are breaking things down from a monetary standpoint. For rural areas, those type of folks that look at value, getting on the water on the lake versus getting on the water on the coast; it’s just much more affordable.” Some mentioned the availability of quality health care, particularly in the upstate. “Retirees are looking for good health care options. So Greenwood is positioned strongly with self-regional health care in our community and they want to know: what about health care? Where would I see my doctor?” Locally produced food is also something the state has to offer to retirees. “South Carolina has great resources of that because of all the agriculture we have. You can buy locally, you can eat locally, and you can eat non-genetically enhanced foods and anything like that. It's huge.” Finally, respondents referred to colleges and universities as a positive draw for retirees. One Columbia participant, a retiree himself said: “We wanted the university experience; we wanted to be able to take advantage of free education, which we can do here, etc.” Another in Greenwood said: “So we toured Clemson a while back and one of the things they were talking about was the folks who went to Clemson would like to retire or chose to live here because they would still like to be part of campus life.”

In terms of weaknesses, a common theme in all the focus groups was the lack of a coordinated marketing effort to attract retirees. “I would say any marketing of South Carolina rural areas as retirement friendly around the state is zero,” said one. “I think one of the biggest weaknesses I looked at is probably the failure to identify the tourism and retirement relocation market as an economic driver in itself.” Another asked: “Who in South Carolina is taking the lead with this, as it is in other states?” There are a lot of retirees that come to the state, but there is no concerted effort to woo them like some other states do.” One participant said that South Carolina was not marketed at all to retirees: “It is not pushed out there enough… South Carolina does nothing at all as a state of saying look at our overall cost of living, why you should retire here and how great it is.” Another disagreed, but suggested that the marketing was coming from the private sector alone. “All the marketing comes from entrepreneurs, who want to sell properties. If there’s not the private sector doing it, there is nobody selling that story to the retirees.” Participants indicated that most of the planning, development and recruitment in South Carolina has been done by select agencies or private entities, with pockets of excellence but without continuity or collaboration. “There are a lot of retirees that come to the state, but there is no concerted effort to really [attract retirees], I don't think, I haven't seen anyone really personally go after it, like some other states do.” Or “I don't think there is any intentional outreach from the public sector. I mean it is, I think is a byproduct of tourism. People come and they stay, they enjoy where they are and they look for real estate. After the real estate developers are out of that market, reaching out to other states, there is no overt retiree attraction marketing, you know outside of the state.” One final weakness that was mentioned repeatedly was the lack of infrastructure especially in the rural regions of the state. Not only did respondents indicate that roads, signage, and bridges need to be improved, but the state needs to invest heavily in new technologies to enhance telecommunication and internet capabilities. “That's a big deal in South Carolina. It's a challenge. Our cellphone coverage in the state is inadequate” said one. Others pointed to lack of accessibility, and the need for improved road and air access. III. Target Markets and the Competition Participants were asked what parts of the country retirees were coming from, and where the state should be looking to attract potential retirees. Many agreed that the Northeast and Midwest were the strongest markets. “When we did the Live South shows throughout the Northeast and Midwest with Southern Living, we would go up to about fifty different communities ……. we would have booths up there in these areas for people who were thinking about retiring in the south.” Another said: “I think if you look at the big numbers, most people come from Northeast and Midwest. They are all looking

Some of the groups talked about many retirees coming to South Carolina because of family ties – and the need therefore, to reach out to potential retirees in other states with connections to South Carolina. One said: “I have heard of many people coming back to the state because they miss their grandkids, or their son or daughter or whatever got high paying jobs and were moved or transferred to South Carolina.” There was some discussion in the focus groups about the potential for attracting international retirees to South Carolina. One Greenwood participant said: “Yes, we do have a few more Canadians than anything, but that’s probably where the largest number of international retirees are coming from is Canada.” Another from Charleston said they had done a study on international market three years ago. “There were hardly any coming. We asked 500 developers how many internationals have you seen and there was a trickling.” One Columbia respondent suggested that lack of accessibility was a barrier for attracting international retirees. “I lived in Fort Myers, Florida and there are a lot of German people there. They came from Germany and bought homes in Florida and you know why? There is a direct flight from Munich, to the Fort Myers airport. No stops. It is all about accessibility.” When discussing the competition, respondents named a number of states in the U.S. that compete with South Carolina for the retiree market. These included Texas, Tennessee, Georgia, Florida, Arizona, Mississippi, Alabama, Portland, Oregon, and Arkansas. “I see Florida advertising all the time” said one. Respondents said that organized marketing efforts in many of these states were led by the government. “Texas does it but through the Department of Agriculture. And most of their retirees relocate from one area in Texas to another.” Another commented on Tennessee’s efforts saying: “The new tourism commissioner in Tennessee believes in this market so much that he has re-written their mission statement for the Department of Tourist Development so that it includes

retirees. They started a program from dead zero and after ten years of effort, Tennessee was finally recognized in the Wall State Journal as the No.1 retirement destination in the nation.” The same respondent referred to Tennessee’s effort to provide entrepreneurial opportunities for new retirees. “On their website they have something that's called “Launch Tennessee", and that's a program through the Department of Economic Community Development, that's entrepreneurial opportunities and nine different regions in Tennessee. And the reason they put that on their website is because so many of their retirees want to start up something.” One respondent from Columbia, who has retired there because he was looking for a college community said: “We also looked at Mississippi, and you believe or not, they’ve got a tax program for seniors. They make it really nice to come and live there. We were looking at Oxford because the University of Mississippi is there.” In all the focus groups there was some discussion about certified retirement communities and whether or not South Carolina would benefit from such a program. The consensus was that they would and that it establishes standards. “I sort of like that idea - the certified retirement community - because you could create a check list and you develop thresholds of which the standard would be.” Another said: “If you were a certified retirement community, then there would be a certain level of which you had perform in order to be part of that, considered part of it.” It was agreed that the government needed to take the lead in developing such a program. One participant from North Carolina said: “What they’ve done is taken part of Economic Development and Tourism, International Trade, Business Recruitment, part of research, tourism and made it into a public-private entity. We are basically on contract with the Department of Commerce for North Carolina. We are still working for the Department of Commerce; we’re just not state employees anymore.” IV. Retiree Trends Figure 6: Word clouds generated from the discussion about retiree trends

The first common theme from the focus groups when discussing retiree trends, was the demand for a healthy lifestyle. One Charleston respondent said: “I can give you a list all the things retirees are looking for. We just took that list and



ATTRACTING RETIREES TO RURAL SC

to get away from the rough winters and the high taxes.” One respondent from Charleston said: “Indiana and Illinois have been huge markets over the last 5 or 7 years, and used to not be.” A participant from Savannah Lakes Village commented on the surprising number of retirees moving from southern California: “Of the last 15 people moving in this year, 40% of them have been out of southern California, and that’s not uncommon. And this was true when we worked in Arkansas. We were getting the Florida and California re-locaters, but that’s just because those populations are so big, there are so many people, somebody’s going to come.” A Greenwood participant referred to the increase in retirees coming from Georgia. “This is specific to us, but Augusta, Georgia, as Augusta’s expanding, we’re seeing a lot of younger folks moving in to our communities that are telecommuting, need our technology infrastructure, or just the proximity of the drive time into Augusta, with it being outside of the city sprawl.”

19

ATTRACTING RETIREES TO RURAL SC

20

started checking off to make sure we had the right things. Do you have the fitness facilities, do you have the swimming facility, do you have walking, biking, nature, all those things and it really becomes more about place-making.” A participant who runs a retiree community in Greenwood agreed. “What we are seeing as the number one selection criteria is the outdoors, healthy living, outdoor recreation, and hiking and biking trails. Golf went from being number 1 to number 15 or 16 on the list. But now retirees of today - those that might be looking to make a move in the next one to five years – want a much healthier life style…they want to see exercise stations, tennis courts, and a bocce ball course. Whether there's anybody playing it or not, you need to have that perceived activity, which then helps to reassure in their mind that they are not stopping.” Another theme was the desire for today’s retiree to start their own business after retirement. “If they’ve finished out that ‘work’ phase of their career or their life, they now want to be entrepreneurs. They want to start another business. They want to open that restaurant they always dreamed of having or art galleries, coffee shops, or this or that.” Another suggested that this desire is fueled by economic reasons. “Retirees are expected live a whole lot longer. So when they retire from their primary career, they are thinking so how am I going to sustain my lifestyle? I need another source of income, you know, well, here is a small business opportunity, you know, for you to step into.” Another trend is the growing interest in lifelong learning. “Lots of these retirees are well educated, and as you know, education begets more education. People want to be involved in educational activities, cultural activities, things that matter. “If you’re looking at the towns that have higher education perhaps there’s opportunities there, where there are special efforts being made to connect the retirement community with the higher education community.” There was some discussion about the new generation of retirees looking for a new type of retirement community. One said: “There are a lot of empirical data saying that retirement communities of today are not appealing to the millennial generation, so how do you make the pivot from something that is exclusive with gates around a golf amenity that people aren’t taking 5 hours to do anymore, to something else.” Another said: “We need to recognize that golf is no longer exclusive you can go anywhere in the southeast to have access to golf courses. New buyers are not willing to pay for that luxury. It’s got to be something more, something more to differentiate your community and the product that you offer.” Finally, one participant suggested that an ‘anti-retirement community’ was the answer. “How would you build the new retiree community? We need a kind of the anti-country club, that is also an antiretirement community. You can’t build a retirement community by calling it a retirement community.”

V. Predictions for the Future of Retirement Communities Participants were asked what the future retirement community should look like. A community without the word ‘retirement’ was a common desire. “I think retirement sometimes has a negative connotation… that is why we kind of switched over and use the term destination community now” said one respondent running a retirement community. “That's another thing that’s got to change, the entire ideal of what a senior center is. It’s got to change. The word senior’s got to go away.” For respondents, the retirement community of the future should have every aspect of life covered “Well, they’ve got every stage of lifecycle included in it. [It's more of a village]. They need to have the medical aspects covered, they’ve got to have great weather, good schools, history, great shopping, great restaurants, things to do, everywhere to go, all within walking distance for the healthy aspect.” One said: “I think access to town would be the key. You know, have some sort of water involved, recreation, activity… They want the small town, but the same amenities, cultural options, they want the parks, recreation, and they want the activities.” One more, the healthy living aspect was a common theme. “It's also going back to everything including culinary, slow food movement…community support agriculture programs, fresh farm to table and those types of aspects that have become lost within our society.” The retirement community of the future should also be a smart community. “People want the security and the healthy living aspects that come with living in a rural area, but they don't want to give up their technology. If you look at technology and medical technology and health technology, there is a much bigger generation gap between 40 and 60 years olds in the 1980s than there are now.” Lifelong learning should also be a component of the community of the future. “There are a lot people that are looking at university communities and the amenity of lifelong learning, which is interesting because the universities don’t seem to have recognized the opportunity.” Others suggested that the retiree of the future will be looking for volunteer opportunities along with entrepreneurial activity. “They (retirees) will be moving into a retirement community to be more active than they were in their working career. You know, they’re also wondering whether there is volunteerism.”

7. QUANTITATIVE RESEARCH RESULTS I. Survey I: Current Retirees in South Carolina In total, we collected 236 completed surveys from current retiree participants, who relocated to South Carolina for retirement. The respondents were almost exclusively Caucasian (98%), with more females (60%) than males (40%). The education level of participants was high with 78% having already achieved either a Bachelor’s degree or a Master’s or Doctoral degree. Most participants were married (82%),

ATTRACTING RETIREES TO RURAL SC

21

while 18% were widowed, divorced, or separated. The majority of the sample (88%) were between the ages of 61 and 79. In terms of the annual household income, majority of the retirees in South Carolina (77%) had a household income between $40,001 and $150,000. According to the responses shown in Figure 7, the majority of participants retired to South Carolina in the last 15 years. Specifically, 40% of them retired from 2011 to 2016; 20% retired from 2006 to 2010; 20% retired from 2001 to 2005; 16% retired from 1996 to 2000; while only 3% before 1996. More than half of the retirees (55%) who relocated to South Carolina currently live in rural areas, approximately one third (31%) live in suburban areas, while 14% of retirees live in urban areas of South Carolina (see Figure 8). Of those respondents that purchased a home when retiring in South Carolina, 38% spent between $100,000 and $250,000; 42% spent between $250,000 and $500,000, and 13% payed more than $500,000. Only 18% of the retirees own a second home. Figure 7: The year respondents retired in South Carolina

20%

14% Rural Suburban 55%

31%

Urban



Figure 9 shows that the majority of retirees (70%) had been to South Carolina three or more times as visitors before deciding to relocate. In addition, the majority (76.7%) had considered relocating to another state for retirement before deciding on South Carolina. In order of preference, these other states were North Carolina, Florida, Georgia, Tennessee, Alabama, Virginia, Arizona, Texas, Alabama, and California.

How many )mes did you visit South Carolina before deciding to relocate to this state for re)rement?

1% 3%

40%

In what type of area do you currently live in South Carolina?

Figure 9: Travel experience in South Carolina

What year did you re-re to South Carolina?

16%

Figure 8: Where retirees live in South Carolina

1995 and before 1996-2000 2001-2005 2006-2010 2011-2016 missing value

7%

1-2 +mes

7% 30%

11%

5-6 +mes 7-8 +mes

5%

9 +mes or above

12% 28%

20%

3-4 +mes

Lived here before re+ring Other





ATTRACTING RETIREES TO RURAL SC

Thinking back to their decision to retire in South Carolina, the top three evaluation factors when choosing their retirement destination were the climate, cost of living and recreational activities. The least important factors were restaurants, being close to family and friends, and shopping (see Table 6). Table 6: Top and bottom three factors for the evaluation of a retirement destination (mean scores of 1 to 5 where 1 = not important and 5 = very important) Top Three Responses

22

Mean

Bottom Three

Mean

Climate and Weather

4.5

Restaurants

3.34

Friendly/ welcoming people

4.30

Shopping

3.44

Climate/ weather

4.28

General infrastructure

2.85

Based on their retirement experiences, retirees in general are satisfied with South Carolina as a retirement destination. They are most satisfied with the recreational activities, friendly/ welcoming people and the climate (see Table 7). Given their original evaluation factors, this perhaps suggests that the friendly and welcoming people in South Carolina was an unexpected bonus. Retirees are least satisfied with South Carolina as a retirement destination for access by air, shopping and general infrastructure (e.g., roads, highways etc.). Table 7: Top and bottom three evaluated items for South Carolina as retirement destination (mean scores of 1 to 5 where 1 = not satisfied and 5 = very satisfied) Top Three Responses

Mean

Bottom Three

Mean

Recreational activities

4.31

Access by air

3.45

Friendly/ welcoming people

4.30

Shopping

3.44

Climate/ weather

4.28

General infrastructure

2.85

In terms of retirees’ perceived importance of interests and activities in South Carolina, the top three were spending time at home with friends and family, the libraries and recreational activities. The lowest ranked perceived activities or interests were Bocce ball, woodworking centers and the availability of a sewing room (see Table 8).

Table 8: Top and bottom three interests/activities of a retiree (mean scores of 1 to 5 where 1 = not important and 5 = very important) Top Three Responses

Mean

Bottom Three

Mean

Spending time at home with family and friends

4.02

Bocce Ball

2.21

Library

3.99

Woodworking center

2.19

Recreational activities

3.87

Sewing room

2.16

In general, retirees in South Carolina have a moderate sense of place toward South Carolina as a retirement destination (see Table 9). The top statements about their feelings of South Carolina were: 1) I am happy living in South Carolina; 2) I feel relaxed when I am in South Carolina; and 3) I would like to live in South Carolina for a long time. The lowest ranked perceived feelings of South Carolina were: 1) For what I like to do, no other place can compare to South Carolina; 2) Doing what I do in South Carolina is more important to me than doing it in any other place; and 3) I would not substitute any other place for doing the types of things I do in South Carolina.

1

I am happy living in South Carolina

Mean

SD

4.22

0.88

2 I feel relaxed when I am in South Carolina

4.02

0.87

3 I would like to live in South Carolina for a long time

3.95

1.00

4 South Carolina is the best place for what I like to do

3.61

1.02

5 People who are similar to me live in South Carolina

3.60

1.05

6 South Carolina means a lot to me

3.57

0.98

7 Living in South Carolina is consistent with how I see myself

3.51

1.05

8 South Carolina is very special to me

3.50

1.03

9 I feel that South Carolina is a part of me

3.32

1.07

10 I really miss South Carolina when I am away from it

3.29

1.03

11 I identify strongly with South Carolina

3.28

1.12

12 Living in South Carolina reflects who I am

3.25

1.08

13 For what I like to do, no other place can compare to South Carolina

3.16

1.12

14 Doing what I do in South Carolina is more important to me than doing it in any other place

3.12

1.04

15 I would not substitute any other place for doing the types of things I do in South Carolina

3.11

1.06

Average

3.50

0.88

Table 10 indicates that in general, retirees in South Carolina rated their overall well-being and life satisfaction as high. Table 10: Well-being and life satisfaction for a retiree in South Carolina (level of agreement on mean scores of 1 to 5 where 1 = strongly disagree and 5 = strongly agree)



Mean

SD

4.35

0.67

2 In general, I consider myself a very happy person

4.33

0.71

3 So far I have the important things I want in life

4.32

0.73

4 I am satisfied with my life

4.30

0.71

5 So far I have gotten the important things I want in life

4.25

0.73

6 Overall, I felt happy after relocating to South Carolina

4.21

0.85

7 The conditions of my life are excellent

4.19

0.77

8 After relocating to South Carolina, I feel that I have led a meaningful and fulfilling life

4.11

0.88

9 Although I have my ups and downs, in general, I felt good about my life shortly after relocating to South Carolina

4.10

0.85

10 Overall, my experience with relocating to South Carolina was memorable and it has enriched my quality of life

4.04

0.97

11 In most ways my life is close to my ideal

3.94

0.91

12 Compared to most of my peers, I consider myself more happy

3.76

0.82

13 My satisfaction with life in general was increased shortly after relocating to South Carolina

3.72

1.06

14 If I could live my life over, I would change almost nothing

3.44

1.06

Average

4.08

0.84

1

I am generally very happy and enjoy life

ATTRACTING RETIREES TO RURAL SC

Table 9: Sense of place towards South Carolina as a retiree destination (level of agreement on mean scores of 1 to 5 where 1 = strongly disagree and 5 = strongly agree)

23

ATTRACTING RETIREES TO RURAL SC

In terms of the subjective age, in general, a majority (83%) of the retirees in South Carolina felt they are mentally younger than their real age (see Figure 10), and 64% feel they are physically younger than their real age (see Figure 11).

Participants were asked about basic facts related to where they prefer to live for retirement (see Figure 13). Most prefer to retire in small towns and foothills, followed by urban, rural, coastal and mountain regions. Furthermore, the majority (65%) of the retirees do not prefer to live in an "age restricted community" (e.g. Continuing Care Retirement Community) for retirement (see Figure 14).

Figure 10: Subjective age from mental aspect

Subjec've age: Do you feel mentally

Figure 13: Preference to live for retirement

1%

Where do you prefer to live for retirement? 16% younger than your real age

23.30%

Rural

22.90%

Small Town

the same as your real age older than your real age

24

Urban

5.70%

Central Midlands

83%

Foothills



Figure 11: Subjective age from physical aspect Subjec've age: do you feel physically

20.00%

Mountains

Coastal Region

43.30%

39.00%

20.00%

0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% 35.00% 40.00% 45.00% 50.00%

Figure 14: Preference to live in an “age restricted community” for retirement

3%



Do you prefer to live in an "age restricted community" for re6rement?

33%

younger than your real age the same as your real age

15%

20%

older than your real age 64%

Yes No I do not care

When asked to reflect on their decision to retire in South Carolina, most participants report that they agree or strongly agree that they expect to continue living in the state, and would clearly recommend South Carolina as a place to retire, spreading positive word of mouth about South Carolina as a retiree (see Figure 12). Figure 12: Decisions to retire in South Carolina (level of agreement on mean scores of 1 to 5 where 1 = strongly disagree and 5 = strongly agree)

4.50

4.3

4.37



Since relocating to South Carolina as a retiree, approximately 65% of retirees spend 0-5 weeks per year outside the state of South Carolina; 22% spend 6-10 weeks per year outside South Carolina; while only 13% of the retirees spend more than 10 weeks per year outside South Carolina (see Figure 15). Figure 15: Time spent outside of South Carolina How many weeks per year do you spend outside the state of South Carolina?

Decisions to Re-re in South Carolina 5.00

65%



4.36

2%

4.00

Mean

3.50

6%

3.00

5% 0-5 weeks

2.50

6-10 weeks

2.00

22%

1.50 1.00

65%

0.50 0.00

11-15 weeks

I expect to con3nue living in I would recommend South I would spread posi3ve South Carolina Carolina as a place to re3re words about South Carolina as a re3ree des3na3on



16-25 weeks 26 weeks or more



with 39.4% of participants having already achieved either a Bachelor’s degree or a Master’s or Doctoral degree. Most participants are married (62.5%), while 17.8% are single and have never been married before.

Figure 16: Hours spent on volunteer activities by retirees

Potential retirees were asked about basic facts related to their retirement. Only 25% of the participants have already retired, but a majority (60%) are planning for retirement (see Figure 17). Only 8% of the participants have already purchased a property ready for retirement, and just 5% own a second home.

How many hours per week do you spend on volunteer ac5vi5es in your community? 3% 2% 6%

Figure 17: Retiree status of respondents

Less than 5 hours

ATTRACTING RETIREES TO RURAL SC

Retirees were asked about their volunteer activities, and Figure 16 shows that 11% spend more than 10 hours per week volunteering, 35% volunteer for 5-10 hours, and 54% spend less than 5 hours per week on volunteer activities in the community.

5-10 hours 11-15 hours 35%

54%

15% 25%

16-20 hours 21 or more hours

25

Yes No, but currently planning for re;rement No, and not currently planning for re;rement

II. Survey II: Potential Retirees from Outside of the State



In total, we surveyed 320 participants, who are deemed as potential retirees. All of the participants are in the age category of 45-65 years old, living outside of South Carolina, and have considered relocating to another state for retirement. In summary, the participants come from 42 states in the United States, such as California (8.1%), Florida (7.8%), Texas (7.5%), New York (6.6%), Pennsylvania (5.9%), Illinois (5%), North Carolina (4.1%), Ohio (3.4%), Georgia (3.4%), and New Jersey (3.1%). There are more female (64.7%) than male (35.3%) respondents, with the majority being Caucasian (85.9%) and 6.9% African-American. The education level of participants is high

60%



Respondents were asked to list up to five states that they had considered as their retirement destination. As Figure 18 shows, Florida was ranked No. 1 by the majority of potential retirees, with South Carolina coming in as number four, which is consistent with other reports. However, when asked to which state was their second choice, South Carolina was ranked 1st. This indicates South Carolina is not the first choice, but perceived as one of the top states for retirement.

Figure 18: States considered by respondents as their retiree destination

ATTRACTING RETIREES TO RURAL SC

About two thirds of respondents have been to South Carolina (63%) on vacation (see Figure 19), and more than half (53%), have considered relocating to South Carolina for retirement (see Figure 20).

On average, potential retirees reported a moderate perception of South Carolina as a retirement destination, suggesting that the state had the advantages of friendly/welcoming people, recreational activities and the climate, but was not performing well on taxes, insurance costs, such as health, homeowner, and auto, etc. and being close to family and friends (see Table 12).

Figure 19: Travel experience in South Carolina

How many )mes have you traveled to South Carolina in the past?

Table 12: Top and bottom three evaluated items for South Carolina as retirement destination (mean scores of 1 to 5 where 1 = very poorly and 5 = very well)

2% 3%

Never visited

6%

1-2 2mes

7%

37%

Top Three Responses

3-4 2mes 5-6 2mes

16%

26

7-8 2mes 9 2mes or above 29%

Lived here before



Figure 20: Relocation to South Carolina for retirement

Mean

Friendly/ welcoming people

4.09

Taxes

3.64

Recreational activities

4.08

Insurance costs

3.55

Climate/ weather

3.98

Close to family and friends

2.73

Table 13: Top and bottom three interests/activities for potential retirees (mean scores of 1 to 5 where 1 = not important and 5 = very important)

Yes No

53%

Bottom Three

In terms of potential retirees’ perceived importance of interest/activities in a retirement destination, the top three important activities or interests were climate, technology/ global connectivity, and restaurants/taverns/cafeterias. The lowest ranked activities or interests were golf, Bocce ball, and Pickleball (see Table 13).

Have you ever considered reloca0ng to South Carolina for re0rement?

47%

Mean

Top Three Responses

When choosing a retirement destination, respondents felt that the top three important evaluation factors were the cost of living, housing prices and climate (see Table 11). The least important three factors are restaurants, being close to family and friends and access by air. Table 11: Top and bottom three factors for the evaluation of a retirement destination (mean scores of 1 to 5 where 1 = not important and 5 = very important) Top Three Responses

Mean

Bottom Three

Mean

Cost of living

4.78

Restaurants

3.63

Housing prices

4.59

Close to family and friends

3.47

Climate/ weather

4.58

Access by air

3.26



Mean

Bottom Three

Mean

Climate/ weather

3.98

Golf

1.86

Technology/ global connectivity

3.85

bocce Ball

1.70

Restaurant/ taverns/ cafes

3.75

pickleball

1.68

Potential retirees were asked about their image of South Carolina. Respondents believe that South Carolina is a beautiful, southern style state with warm weather and friendly people. Among these factors, the friendly behavior of people is the strongest image of South Carolina (see Figure 21).

ATTRACTING RETIREES TO RURAL SC

Figure 21: Word clouds generated from descriptions about South Carolina

In general, potential retirees had a lower well-being and life satisfaction score than existing retirees (see Figure 23). In terms of their subjective age, in general, about two thirds (69%) of potential retirees feel they are mentally younger than their real ages (see Figure 24), and 40% feel they are physically younger than their real age (see Figure 25). Figure 24: Subjective age from mental aspect 7%

24%

Respondents were also asked to list reasons that would prevent them from moving to South Carolina. The most frequent three factors are family concerns, weather including potential high winds, heavy rain, and flash flooding, and finally the cost of living (see Figure 22).

younger than your real age



27

the same as your real age older than your real age 69%

Figure 25: Subjective age from physical aspect

Figure 22: Word clouds depicting reasons respondents would not retire in South Carolina



25% 40%

younger than your real age the same as your real age older than your real age

35%

When asked about retiring in South Carolina, potential retirees exhibited a moderate intention to relocate to South Carolina, and would recommend and spread positive word of mouth about South Carolina as a retiree destination (see Figure 26).



Figure 23: Well-being and life satisfaction (level of agreement on mean scores of 1 to 5 where 1 = strongly disagree and 5 = strongly agree)

Figure 26: Desire to retire in South Carolina (level of agreement on mean scores of 1 to 5 where 1 = strongly disagree and 5 = strongly agree)

Well-being and life sa/sfac/on If I could live my life over, I would change almost nothing

2.86

The condiEons of my life are excellent

3.33

Compared to most of my peers, I consider myself more happy

3.54

I am saEsfied with my life

3.63

So far I have goDen the important things I want in life

3.7

So far I have the important things I want in life



3.76

In general, I consider myself a very happy person

3.86

I am generally very happy and enjoy life

3.92

0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50 Mean



ATTRACTING RETIREES TO RURAL SC

Participants were asked about basic facts related to where they prefer to live for retirement (see Figure 27). Most prefer to retire in small towns, coastal regions, mountains, rural and urban areas. Furthermore, more than half (53%) of the potential retirees would not want to live in an "age restricted community" (e.g. Continuing Care Retirement Community). One third (32%) said that they do not care; while only 15% of the potential retirees prefer to live in an age restricted community (see Figure 28). Figure 27: Preference to live for retirement

III. Survey III: Visitors to South Carolina

Where do you prefer to live for retirement?

11%

28 26%

12%

Coastal Region

26%

2%

8%

Mountains

Foothills

Central Midlands Rural

15%

Over two thirds of respondents (70.6%) are homeowners, and of these 53% have a home with a value between $100,000 and $500,000; 12% have a home with a value of less than $100,000; while only 6% of potential retirees own a home worth more than $500,000. In terms of current volunteer activities, the majority of the potential retirees (81%) spend less than 5 hours per week on volunteer activities in the community; 13% spend 5-10 hours; while only 6% spend more than 10 hours per week on volunteer activities in the community.

Small Town Urban



Figure 28: Preference to live in an “age restricted community” for retirement

In total, we surveyed 322 visitors aged between 45 and 65 who have visited South Carolina in the past three years. These visitors come from different parts of the U.S. including Florida (11.2%), North Carolina (9.3%), New York (9.3%), Georgia (6.8%); California (6.8%), Pennsylvania (6.2%), Ohio (5%), Texas (5%), New Jersey (4%), Tennessee (3.1%), and Virginia (3.1%). There were more female (60.9%) than male (39.1%) respondents, with the majority being Caucasian (85%) followed by 9% African-Americans. Forty-six percent of participants have received either a Bachelor’s degree or a Master’s or Doctoral degree, and 35.1% have a college or Associate Degree. Most participants are married (65.5%). Only 25% of respondents have already retired, 45% are currently planning for retirement, and the remaining 30% are not retired and not planning for retirement (See Figure 30). Only 5% of visitors own a second home.

Do you prefer to live in an "age restricted community" for re6rement?

15%

Figure 30: Retirement status

32% Yes

Are you currently re,red?

No I do not care 53%

25%

30%

Potential retirees were asked about the expected change of household income following retirement. Nearly one third (31%) expect their household income to remain the same; a majority (53%) of potential retirees expected a decrease; while only 16% of participants expected their household income to increase following retirement. (see Figure 29). Figure 29: The expected change of household income following retirement

Increase 16%

10%

Decrease, but by less than 5% 11%

18% 31%

No, but currently planning for re;rement No, and not currently planning for re;rement 45%



Only 10% of respondents (31) have already purchased a property ready for retirement; eight in Florida, four a piece in California and North Carolina, and two in South Carolina, with the others spread around the country. However, a large majority (83%) have considered relocating to another state for retirement, with three quarters of visitors (75%) indicating that they had considered relocating to South Carolina for retirement (see Figure 31).

To what extent do you expect your annual household income to change following your re7rement?

14%

Yes

Remain the same Decrease by between 5% and 10% Decrease by between 11% and 20%



Have you ever considered reloca0ng to South Carolina for re0rement?

Table 14: Relative importance of factors in the evaluation of a retirement destination (mean scores of 1 to 5 where 1 = not important and 5 = very important)

25% Yes

Top Three Responses

No 75%

In terms of the travel experience in South Carolina, 30% have been 1-2 times before, 25% have visited 3-4 times, 18% 5-6 times and 21% have been seven times or more. 19 visitors (6%) indicated that they have lived in South Carolina before (see Figure 32).



How many )mes have you traveled to South Carolina in the past?

15%

1-2 +mes 30%

6% 18%

3-4 +mes

9 +mes or above Lived here before

Respondents were asked to list up to five states that they had considered as their retirement destination. As Figure 33 shows, Florida was ranked number one by the majority of visitors, with South Carolina coming in as number two. This is consistent with our finding of potential retirees, indicating a strong recognition for this state as a retirement destination, but not the first on their list.

Cost of living

4.74

Shopping

3.70

Climate/ weather

4.62

Close to family and friends

3.70

Safety

4.55

Access by air

3.36



Top Three Responses

Mean

Bottom Three

Mean

Sites to visit

4.21

General infrastructure

3.68

Climate/ weather

4.20

Insurance costs

3.60

Recreational activities

4.19

Close to family and friends

3.22

Sates ranked as number one

Florida South Carolina North Carolina Arizona Tennessee California Texas Georgia Virginia Colorado Alabama Nevada Arkansas Hawaii Washington Alaska Kentucky Missouri Montana New Jersey New York Ohio West Virginia Connecticut Dallas Iowa Maine Mississippi New Hampshire South Dakota Vermont Wyoming

90 80 70 60 50 40 30 20 10 0

Mean

Table 15: Top and bottom three evaluated items for South Carolina as retirement destination (mean scores of 1 to 5 where 1 = very poorly and 5 = very well)

5-6 +mes 7-8 +mes

25%

Bottom Three

On average, visitors reported a reasonably high perception of South Carolina as a retirement destination, indicating that the state had the top three advantages of sites to visit, a favorable climate, and recreational activities. But visitors suggested that the state was not performing as well on general infrastructure, insurance costs, and being close to family and friends (see Table 15).

Figure 32: Travel experience in South Carolina

6%

Mean

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 31



Figure 33: States considered by respondents as their number one retiree destination

ATTRACTING RETIREES TO RURAL SC

When choosing a retirement destination, visitor to South Carolina felt that the top three important evaluation factors were the cost of living, climate and safety (see Table 14). The least important three factors are shopping, being close to family and friends, and access by air.

Figure 31: Interest in relocating to South Carolina for retirement

29

ATTRACTING RETIREES TO RURAL SC

30

In terms of visitors’ perceived importance of interest/activities in a retirement destination, the top three important activities or interests were spending time at home with friends and family, restaurants/taverns/cafeterias, and water access. The lowest ranked activities or interests were a woodworking center, Bocce ball and Pickleball (see Table 16).

Figure 35: Word clouds depicting reasons respondents would not retire in South Carolina

Table 16: Top and bottom three interests/activities for visitors (mean scores of 1 to 5 where 1 = not important and 5 = very important) Top Three Responses

Mean

Bottom Three

Mean

Spending time at home with family and friends

4.01

Woodworking center

2.16

Restaurants/ taverns/ cafeterias

3.96

Bocce Ball

1.99

Water access

3.79

Pickleball

1.81

In general, the level of well-being and life satisfaction for visitors lies somewhere in between that of existing retirees and potential retirees (see Figure 36).

Respondents were asked about their image of South Carolina. Like potential retirees, visitors described South Carolina as beautiful, friendly, warm (weather or people), with good beaches. Among these factors, the friendly behavior of people is the strongest image of South Carolina (see Figure 34). Figure 34: Word clouds generated from descriptions about South Carolina



Figure 36: Well-being and life satisfaction (level of agreement on mean scores of 1 to 5 where 1 = strongly disagree and 5 = strongly agree) Well-being and life sa/sfac/on If I could live my life over, I would change

3.08

The condiCons of my life are excellent

3.55

Compared to most of my peers, I consider

3.72

So far I have goEen the important things I want

3.83

I am saCsfied with my life

3.88

So far I have the important things I want in life

3.93

In general, I consider myself a very happy

4.04

I am generally very happy and enjoy life

4.10

0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50 5.00 Mean

Similar to the other groups, subjective age was lower, with the majority of visitors feeling they are mentally younger than their real ages (72%) (see Figure 37), and about half (51%) suggesting that they are physically younger than their real age (see Figure 38).

Respondents were also asked to list reasons that would prevent them from moving to South Carolina. The most frequent factors were family and the cost (see Figure 35).





community and about one-third (31%) said that they do not care. Only 15% of the visitors prefer to live in an age restricted community (see Figure 41).

7%

Figure 40: Preference to live for retirement Where do you prefer to live for retirement?

21% younger than your real age the same as your real age

8%

older than your real age 72%

14%



Mountains

30%

25%

Figure 38: Subjective age from a physical aspect

Coastal Region

2%

8%

Foothills

Central Midlands Rural

13%

Small Town



Do you prefer to live in an "age restricted commnity" for re6rement?

younger than your real age 51%

31

Urban

Figure 41: Preference to live in an “age restricted community” for retirement

18%

the same as your real age older than your real age

16%

31% 31%

Yes No

When asked about retiring in South Carolina, visitors are significantly more likely to relocate to the state than potential retirees, and would be more likely to recommend and spread positive word of mouth about South Carolina as a retiree destination (see Figure 39).

Figure 39: Visitors’ desire to retire in South Carolina Decisions to retire in South Carolina

20%

26%

27%

27%

I expect to relocate to another state for retirement I would spread positive word of mouth about South Carolina as a retiree destination I would recommend South Carolina as a place to retire

Visitors were asked where they prefer to live in retirement (see Figure 40). In order of preference, most would like to retire in coastal regions, small towns, rural areas, mountains, foothills and urban areas. As with potential retirees, more than half (53%) of the visitors would not want to live in an age restricted

I do not care



53%



Visitors were asked about the expected change of household income following retirement. Again, similar to potential retirees, nearly one-third (30%) expect their household income to remain the same; about half (53%) expected a decrease; while 18% of respondents expect their household income to increase following retirement (see Figure 42). Figure 42: The expected change of household income following retirement To what extent do you expect your annual household income to change following your re7rement? Increase 13%

18%

Decrease, but by less than 5%

12% 12% 15%

Remain the same Decrease by between 5% and 10%

30%

ATTRACTING RETIREES TO RURAL SC

Figure 37: Subjective age from mental aspect

Decrease by between 11% and 20%



32 ATTRACTING RETIREES TO RURAL SC

8. ECONOMIC IMPACT OF RETIREES ON SOUTH CAROLINA Retirees who relocate to the state of South Carolina have the potential to affect the state’s economy in a number of ways, including each of the following: • Spending activity of retirees in the local economy increases demand and facilitates the creation of new jobs and income • Retirees often purchase homes or construct new homes, thus providing a boost to the housing industry and to property values • Retirees help to stabilize the business cycle because most retirement income is not cyclical • The economic activity that retirees support, in turn, generates increases in state tax revenues • Retirees also provide time and resources toward volunteer activities In this study, we estimate three specific impacts that retirees relocating to South Carolina will likely have on the state’s economy: (1) in-state retiree expenditures on goods and services; (2) in-state new home construction; and (3) committed volunteer time. Methodology

The largest impacts that arise from new retirees relocating to South Carolina come in the form of a one-time boost to housing markets through additional demand for new home construction as well as through a permanent increase in general spending activity that they introduce to the local economy. In both cases, through these various expenditures, retirees create increases in demand for goods and services in a variety of local businesses over what it would have been otherwise. There are three specific types of economic impacts that can be measured from an initial increase in demand: direct, indirect, and induced. The direct impact simply refers to the initial change in economic activity. For example, if new retirees move to an area in South Carolina and then frequent the local restaurants, this would create new demand for these restaurants that did not previously exist. This direct impact would then lead to a series of indirect effects, which refer to the additional rounds of spending activity that occur due to inter-industry linkages between other local firms

within South Carolina. For example, if the restaurants cited above experienced an increase in demand, this would lead them to purchase additional supplies such as the many ingredients they use to prepare their entrees. The food wholesalers they purchase from, in turn, would then experience an increase in demand and be required to purchase additional inputs from their own suppliers, and so on. If the increase in demand is high enough, these suppliers may also have to hire new workers in addition to buying more supplies. These indirect effects spread across many industries in South Carolina. The total indirect effect is a function of the size of the in-state supplier network. The induced effect refers to the additional economic impact that results from increases in household spending activity. For example, when the restaurants cited above experience an increase in demand and hire additional employees to facilitate this demand, these employees will spend part of their income in the local economy. This spending activity then sets off yet more rounds of additional local spending that generates further economic activity. These successive rounds of indirect and induced spending activity do not go on forever, which is why each of these impacts can be quantified. In each round of spending, money is “leaked out” of the local economy for a variety of reasons. For example, firms may buy inputs from out-of-state vendors or workers may choose to save a portion of their incomes. In order to calculate the indirect and induced effects, economic multipliers are used. To estimate the economic impacts of increases in construction activity and general household spending activity, a customized structural model (also known as an input-output model) of the South Carolina economy was used by the Division of Research. This model contains specific linkages between all industries in South Carolina and can thus accurately capture all economic multiplier effects. The inputoutput modeling software IMPLAN was used to calculate all reported estimates. In this study, the economic activity that is generated through construction and general household spending activity is estimated via three categories of impacts: total economic output, employment, and labor income. Each of these is summarized in Table 17 below. Table 17: Categories of Economic Impacts Impact Type

Definition

Total Economic Output

The dollar value representing the total contribution to economic activity

Employment

The total number of full-time equivalent jobs necessary to produce and deliver the goods and services as measured by total economic output

Labor Income

The dollar value representing all wages, salaries, and benefits associated with total employment

ATTRACTING RETIREES TO RURAL SC

Of the homeowners, 60% have a home with a value between $100,000 and $500,000; 12% have a home with a value of less than $100,000; while only 5% of visitors own a home worth more than $500,000. In terms of current volunteer activities, the majority of the visitors (73%) spend less than 5 hours per week on volunteer activities in the community; 20% spend 5-10 hours; while only 7% spend more than 10 hours per week on volunteer activities in the community.

33

ATTRACTING RETIREES TO RURAL SC

The third component of the economic impact of new retirees relocating to South Carolina comes in the form of committed volunteer time. To the extent that retirees donate their time to fulfilling labor needs that would otherwise have been purchased in the market place, this represents a cost savings for the organizations with which they are working and thus “frees up” these dollars to be spent by the organizations elsewhere. Thus, it represents a net gain for the South Carolina economy. In order to estimate the economic impact of volunteer time, a wage of $21.31 was assigned to each volunteer hour and then totaled.1 This total wage figure was then used to estimate the average level of industry activity in South Carolina that would be associated with that level of labor income. Estimating the Number of New Retirees

34

The first step towards estimating the economic impact of potential retirees to the state of South Carolina is to determine how many retirees are likely to relocate to the Palmetto State. The most recent numbers we have on the number of people relocating to South Carolina is from 2013-14 when 141,698 people relocated here. According to estimates from a 2014 study completed by United Van Lines, approximately 38% of all people choosing to relocate to South Carolina every year claim to specifically be relocating for the purpose of retirement. This translates into approximately 53,845 individuals annually. If retirement in-migration to South Carolina were to increase beyond its current rate by one percent, five percent, or ten percent, this would yield an increase in the number of inmigrant retirees as detailed in Table 18.

In other words, the average household surveyed reported that they expected to earn approximately $62,471 per year upon retiring. In addition, the mean survey respondent currently owns a home worth approximately $187K and donates approximately 2.9 hours per week worth of volunteer time. Under the assumption that the average retiree who migrates to South Carolina continues to fit these financial and social patterns, then Tables 19-21 document the expected annual (recurring) economic impact that would arise from one-, five-, and ten-percent increases in the current rate of in-migrating retirees to South Carolina due to ongoing expenditures and committed volunteer time. Table 19: Annual Economic Impact of Increasing South Carolina Retirees: 1% Annual Increase



538 in-migrants

5%

2,692 in-migrants

10%

5,385 in-migrants

For example, if retirement in-migration to South Carolina were to increase by 5 percent annually, this would imply an additional 2,692 retirees relocating to South Carolina every year. This translates to approximately 1,052 households.2 1 This value was derived from the Current Employment Statistics compiled by the U.S. Bureau of Labor Statistics. It is based on the average hourly earnings (NSA) of all South Carolina employees reported for 2015. 2The U.S. Census Bureau reports that the average South Carolina household consists of 2.56 people.

Economic Impact Estimates: Annual (Recurring) Impacts

Survey respondents were asked to provide information on their current household income levels as well as any expected change to their household income levels upon retirement. The mean household’s reported post-retirement income level was $62,471.

Economic Output

Direct Effect

162

$4,784,190

$11,282,350

Indirect Effect

31

$1,258,639

$4,449,203

Induced Effect

34

$1,294,564

$4,385,957

Total Effect

227

$7,337,393

$20,117,510



Retirement Occurs at Age 50

1%

Labor Income

Table 20: Annual Economic Impact of Increasing South Carolina Retirees: 5% Annual Increase

Table 18: Hypothetical Increases in Annual South Carolina In-Migration Rates Pct. Increase

Employment

Employment

Labor Income

Economic Output

Direct Effect

811

$23,966,516

$56,519,201

Indirect Effect

157

$6,305,181

$22,288,387

Induced Effect

170

$6,485,148

$21,971,557

Total Effect

1,137

$36,756,846

$100,779,145

Table 21: Annual Economic Impact of Increasing South Carolina Retirees: 10% Annual Increase



Employment

Labor Income

Economic Output

Direct Effect

1,621

$47,933,032

$113,038,403

Indirect Effect

314

$12,610,363

$44,576,774

Induced Effect

339

$12,970,297

$43,943,114

Total Effect

2,274

$73,513,692

$201,558,291

As Tables 19-21 denote, the annual economic impact can vary significantly. Under the most conservative assumption of retirement in-migration to South Carolina increasing beyond its current rate by just one percent, the economic impact would expand by approximately $20.1 million in annual output, which is associated with 227 jobs and $7.3 million in labor income for South Carolinians. If in-migration expanded by ten percent, then the economic impact would expand by approximately $201.6 million in total output, which is associated with 2,274 jobs and nearly $74 million in labor income for South Carolinians.

Table 22: Economic Impact on Construction from Increasing South Carolina Retirees: 1% Annual Increase



Employment

Labor Income

Economic Output

Direct Effect

270

$8,654,069

$39,424,219

Indirect Effect

126

$4,637,270

$14,635,181

Induced Effect

75

$2,858,329

$9,683,288

Total Effect

471

$16,149,668

$63,742,687

Table 23: Economic Impact on Construction from Increasing South Carolina Retirees: 5% Annual Increase Employment

Labor Income

Economic Output

Direct Effect

1,353

$43,352,767

$197,496,563

Indirect Effect

632

$23,230,513

$73,315,286

Induced Effect

375

$14,318,866

$48,508,661

Total Effect

2,360

$80,902,146

$319,320,510

Table 24: Economic Impact on Construction from Increasing South Carolina Retirees: 10% Annual Increase Employment

Labor Income

Economic Output

Direct Effect

2,706

$86,705,533

$394,993,125

Indirect Effect

1,264

$46,461,027

$146,630,572

Induced Effect

750

$28,637,732

$97,017,323

Total Effect

4,720

$161,804,292

$638,641,020

As Tables 22-24 denote, the one-time economic impact resulting from new construction expenditures on the part of new retirees can vary significantly. Under the most conservative assumption of retirement in-migration to South Carolina increasing beyond its current rate by just one percent, the one-time economic impact of new construction would total approximately $63.7 million in annual output, which is

associated with 471 jobs and $16.1 million in labor income for South Carolinians. If in-migration expanded by ten percent, then this one-time economic impact would expand to approximately $638.6 million in total output, which is associated with 4,720 jobs and nearly $161.8 million in labor income for South Carolinians. Economic Impact Estimates: Total Current Impact of Retirees in South Carolina According to the U.S. Census Bureau, as of 2015 there were approximately 790,000 individuals in South Carolina over the age of 65. Assuming these individuals provide an accurate representation of the population of retirees in South Carolina, then the total annual economic impact of retirees in South Carolina can be estimated using the same methodology as outlined above. These results are illustrated in Table 25. Table 25: Total Economic Impact of Retirees in South Carolina Employment

Labor Income

Economic Output

Direct Effect

237,776

$7,030,345,128

$16,579,359,714

Indirect Effect

46,008

$1,849,563,803

$6,538,082,247

Induced Effect

49,738

$1,902,355,386

$6,445,143,192

Total Effect

333,521

$10,782,264,317

$29,562,585,154

Recurring spending among current retirees in South Carolina generates an annual total economic impact of approximately $29.6 billion in total output. This dollar value is associated with 333,521 jobs and nearly $11 billion in labor income for South Carolinians. Because non-recurring expenses (such as real estate) are excluded from this analysis, these estimates are likely to be relatively conservative.

9. RECOMMENDATIONS Based on the results of this study, the SmartState team have made a number of recommendations. 1. Implement a coordinated retiree recruitment effort Obviously, the state of South Carolina first needs to agree to actively pursue retirees as an economic development strategy, and then stakeholders must determine how to provided dedicated funding and resources which would be allocated for planning, recruiting, and preparing communities to house the next generation of retirees. If retirement to South Carolina were to increase by just 1%, the economic impact would be over $20 million in annual output, so it would be clearly worth the investment. But a common theme in all the focus groups was the lack of a coordinated effort to attract retirees. Most of the

ATTRACTING RETIREES TO RURAL SC

Economic Impact Estimates: One-Time Construction Impacts As noted above, survey respondents were asked whether or not they currently own a home, and if so, they were also asked its approximate current value. Under the assumption that current homeowners who retire to South Carolina would purchase a new home, this would generate a one-time increase in construction activity within South Carolina. Tables 22-24 summarize the economic impacts that would result from this additional construction activity under the various retirement scenarios previously discussed.

35

ATTRACTING RETIREES TO RURAL SC

36

planning, development and recruitment in the past has been done by selected agencies or private entities, without continuity or collaboration at the statewide level. It is recommended therefore that key stakeholders in the state begin a conversation that would result in a coordinated effort to attract more retirees to South Carolina. One possibility is a joint effort by the South Carolina Department of Commerce and South Carolina Parks Recreation & Tourism (economic development and tourism) to spearhead the initiative. A new agency can be developed that is dedicated strictly on attracting retirees to South Carolina. In addition, there are opportunities for public-private partnerships that would allow government agencies to collaborate with private entities to plan and attract retirees. Whichever strategy is used, it is important that there is a coordinated effort and that there is a centralized group responsible for coordinating and promoting South Carolina as a retirement destination. This new organization could consider introducing a certified retirement community program. Such programs have been successful in other states, and there was a general consensus amongst focus group participants that South Carolina would benefit from such a program, particularly in rural areas of the state. Results support previous findings that retirees generally prefer small towns or rural areas mainly because of the advantages of a lower cost of living and less traffic. Rural towns also tend to offer more of a ‘sense of place’, a factor that is clearly important to current retirees. A large percentage of retirees are involved in volunteer work, which in turn has a positive impact on these rural communities. Once an organization in the state is in place for coordinating and promoting South Carolina as a retirement destination, an ongoing marketing campaign should be initiated to strengthen the state’s brand as a retiree destination, a campaign that should stress the warm welcome the state offers, and the cost of living advantages over states like Florida. The timing is good for such a coordinated campaign. The results show that South Carolina is recognized as a top retirement destination, even if it is not top of mind. Common words used to describe South Carolina are ‘Beach’, ‘Friendly’, ‘Nice people’, ‘Weather’, ‘Southern’ and ‘Warm’ – all positive phrases. Cities like Charleston, Greenville and Columbia are also establishing themselves as attractive places to live, work and play. In fact, Columbia was recently identified by Trulia Housing economist Ralph McLaughlin as one of 10 markets that have strong potential for growth in the near future (McLaughlin, 2016). These markets exhibit strength in five key metrics: strong job growth over the past year, low vacancy rates, high affordability, more inbound home searches than outbound, and a large share of millennials. 2. Improve infrastructure Results of the study suggest that there are some fundamental issues the state needs to address in order to attract more

retirees. First, both current retirees and visitors are not satisfied with infrastructure of the state, a theme that was also common in the focus groups. To be truly competitive, the state needs to upgrade its infrastructure and built environment (roads, transportation sectors, bridges, telecommunication, signage). Retirees of the future also want amenities and activities such as parks, trails, access to water, libraries, and good restaurants and cafes. In other words, they expect ‘things to do’ and ‘things to see’ in the retirement destination. Second, investment in technology is critical in attracting retirees to South Carolina. All ‘would-be’ retirees rated technology as high in terms of perceived importance of interest/activities in a retirement destination. This supports the focus group findings that suggest technology is very important to today’s retiree (some of whom want to start new businesses), and that the retirement community of the future should be a ‘smart community’. Therefore, in order to address the demands of future retirees, cities and rural areas of South Carolina will need to look at ways to become ‘smarter.’ Many municipalities have embraced the ‘smart city’ concept in recent years, but definitions of the term - and examples of the ways technology is being used to make cities ‘smart’ - range considerably. Some cities are focusing on building technology communities, which seems to be a significant part of what Kansas City, Missouri is doing with its innovation corridor. Other cities are using technology to foster tourism development. The common element of smart cities though, seems to be the need to have the citizens involved and feel at home. Over and over, city officials talk about the smart city as needing to provide ‘citizen engagement.’ Finally, it is clear from the study that retirees of the future will demand high-quality health care, and opportunities for active wellness. A common theme from the focus groups when discussing retiree trends was the demand for a healthy lifestyle. As Wilmoth (2010) has suggested, given that older adults who relocate for retirement are generally in good health and not in the midst of a substantial health decline, geographic areas that receive these types of older migrants should expect more demands on programs and services that promote engaged, active lifestyles. Results of the surveys also showed access to healthcare was important for potential retirees. However, in the WalletHub report referred to earlier, South Carolina ranks relatively poorly for health care ( Jones, 2016). Similarly, in a recent list compiled by HealthGrove, South Carolina ranked as the 13th worst state for health care access (Matney, 2016). Each county in every state was scored on a scale from 0-100 with 100 being the highest. Lee County scored the worst in the state, and according to the data, rural, sparsely populated counties tend to have the lowest access to health care. This disparity in access has existed for decades. Access to healthcare therefore remains a barrier to attracting retirees to South Carolina, and needs to be addressed.

The connection between tourism and relocation has been explored in previous research. Many people identify a future migration destination while vacationing or visiting family and friends (Cromartie & Nelson, 2009). Images of retirement are frequently drawn from leisure or vacationing experiences, and most popular retirement locations are in or near places that attract tourists and vacationers (Longino, Perzynski, & Stoller, 2002). Individuals or families may purchase a second home to visit for a few weeks a year or on weekends, but when the children leave home, these residences become more permanent. In this study, we found that three quarters of visitors are considering relocating to South Carolina for retirement, and visitors had a higher perception/image the state as a retirement destination than potential visitors. But those potential retirees who have travelled to South Carolina are significantly more likely to consider the state for retirement than those who have not been. These results show the huge potential for converting more visitors into retirees. Marketers targeting the retiree sector should focus initially on getting people to visit South Carolina, before attempting to convert them into retirees. Inspection/site visits should be offered, but it also might be prudent for marketers of retirement communities to collaborate with DMOs on coordinated marketing campaigns. Marketers should focus on the main motivating factors for retiring in the state. Results of this study indicated that these factors include climate, cost of living and recreational facilities. The survey results also suggested that ‘welcoming/friendly people’ was an unexpected bonus for current retirees, so marketers should promote this aspect in communications materials. The joint marketing of amenities to retirees and tourists is a cost-effective way to foster retiree-based economic development. North Carolina for example, facilitated the opportunity for potential retirees to evaluate the state as a desirable retirement location and to visit those who have retired in the state. Officials of Hendersonville, a small town in the Blue Ridge National Heritage area in North Carolina, recognized many years ago that many individuals who retired in their community first visited as tourists. They have subsequently been very successful in attracting a strong population base of well-educated, financially well-off retirees. The state of South Carolina needs to develop competing marketing campaigns targeting the upper middle-aged and senior visitor market (4565 years old), emphasizing the characteristics of South Carolina as an ideal retirement destination. 4. Market to the subjective age of potential retirees Existing retirees and visitors have a lower subjective age than potential retirees. The gap between real and subjective age is 14 years for those already retired, 12 years for visitors, and just 8 years for potential retirees. This is consistent with previous

research that found baby boomers on average feel 7-12 years younger than they actually are (AARP, 2008; Sasvari, 2007). These results suggest that current retirees are significantly more likely than the other groups to feel mentally and physically younger than they really are. Marketers could therefore promote the fact that retiring to South Carolina will make you happier and make you feel younger. Clearly, retirees want places that make them feel younger and keep them mentally active so it is important that facilities match with the subjective age and not actual age. As was suggested earlier in the report, marketers targeting those in the retiree transition stage should avoid stressing their declining years. Not only because it can be frustrating in general, but because baby boomers do not associate themselves with old age (Keuhner-Herbert, 2004). Advertisers must therefore use images in line with the target market’s subjective age and not their real age (i.e. if they are promoting experiences to a 70 year-old, use models that are 56!). It is important to remember that retirees described this period of their life as a ‘meaningful second life’; a stage of life to look forward to, as the first life or previous life was taken up with commitments towards family and work. Communities should change how they brand themselves. Instead of being labeled as retirement communities, they should be marketed as ‘smart active-living’ communities. Retirees are looking for a community that fits more about how they ‘feel’ than their actual age and the stereotypes that are personified by their age. For example, advertisers should transition from using pictures of people being sedentary such as sitting on porches or watching television, to one of people riding bikes, using technology, or attending a college class. 5. Use current retirees as ambassadors Eighty-nine percent of current retirees would recommend South Carolina as a place to retire and would spread positive word of mouth about the state. This represents an opportunity to involve residents of retiree communities in an ambassador program, and make them part of the marketing strategy. Marketers elsewhere in the U.S. have started to focus on highly personal and creative depictions of real life in senior living communities. Silverado, a California-based care provider with communities in six states in the West and Midwest decided to rebrand and initiated a ‘Silverado Photo Project’ two years ago to capture real residents in real settings for promotional materials. So far, the project has been implemented across 16 Silverado communities, showcasing residents in their homes in the communities, doing their daily activities. Since the project began, the photos have become a conversation starter for prospective residents and have boosted the referral program, said Beth Abbott, Silverado's VP of marketing (Baxter, 2015). Other providers, like Avanti Senior Living, have also used photos, videos and testimonies of residents for promotional materials, but have taken the involvement a step further by changing community policy. Avanti, an assisted living and

ATTRACTING RETIREES TO RURAL SC

3. Convert tourists into retirees

37

ATTRACTING RETIREES TO RURAL SC

38

memory care provider based in The Woodlands, Texas, that operates communities across that state and Louisiana, asked residents what they wanted from their community and turned those ideas into marketing strategies as well. Community engagement became a selling point. Another marketing change the provider made was taking its own images to represent real moments happening in the communities. Beyond photographs, videos and personal testimonies, providers are getting their residents involved on the sales end by giving tours, hosting lunches and volunteering to meet with prospective residents to answer questions and share personal experiences. With 18 communities in 10 states that offer a full care continuum, Baltimore-based Erickson Living started including its own residents for marketing materials before adding an ambassador program over 10 years ago. There is some strategy to choosing the right residents to feature in marketing and to serve as ambassadors, and Erickson tries to include snapshots off all different kinds of people that live in the residences. "Obviously we want to highlight people from diverse backgrounds," said Jodi Marsico, vice president of advertising with Erickson. Marsico. "We're not just looking for married couples. We're looking for a mix of people at different stages in their lives to ensure they are relatable to who we are marketing to." 6. Focus on heritage and nostalgia to draw in the retiree population Focus group participants talked about many retirees coming to South Carolina because of family ties, and we therefore recommend that marketers reach out to potential retirees in other states (and countries) who have connections to South Carolina. VisitScotland successfully used such a strategy with its Homecoming Scotland campaign of 2009. The campaign reached out to ‘Blood’ Scots (of Scottish descent) and ‘Heart’ Scots (those with a passion for the country and culture). Extending a general invitation to the world ‘to anyone with an affinity to Scotland’, VisitScotland spent $2 million on the multi-media campaign. Marketers should consider targeting the African-American population in particular. At the moment there is a trend towards reverse migration from northern and eastern urban cities to large southern cities, and this has resulted in 55% of African-Americans living in the South. According to Nielson (2015), a strategic focus on AfricanAmericans in key southern markets may provide companies with opportunities for market share growth. Ten such markets – Atlanta, Washington D.C., Houston, Dallas, Miami/Ft. Lauderdale, Raleigh, Baltimore, Memphis, Jackson, Mississippi and Columbia, South Carolina – have a minimum AfricanAmerican population of 400,000. Collectively, these 10 southern cities have an African-American population of more than 10 million.

Related to this, marketers in South Carolina seeking to attract retirees should consider focusing on nostalgia as a strategy to draw in the aging population. Nostalgia has become a big driver in destination choice, especially for baby boomers (Hudson, 2010). Not only have tourists become more interested in history, but the scale, richness, and diversity of the history they are interested in has also expanded enormously in the past 30 years. A consequence of this emergence in nostalgia tourism is the increasing desire to re-visit a specific country or city with a sentimental association instead of discovering somewhere new. A good example of a destination capitalizing on this trend is the Space Coast in Florida. In 2016, a major theme of the Space Coast Office of Tourism's $3.88 million marketing campaign was be the beach vibe of decades past, and how tourists could recapture those memories (Berman, 2016). South Carolina could replicate North Dakota’s ‘back-home’ model that targeted former residents of the state (Reeder, 1998). As part of this, a direct mail was sent to former high-school graduates and others who have left over the past 40 years. The message in the mail contained reminder information of their home community’s good points and asking if they would be interested in retiring back home. 7. Promote ‘College Town’ aspects of South Carolina communities Results support the contention that today’s retirees are seeking educational opportunities for lifelong learning (Walker & Thierry, 2011). College towns allow retirees to share their wisdom, find like-minded friends, and give them access to lectures, readings, concerts and plays. In addition, college towns usually have access to quality healthcare, public transportation, and ample volunteer opportunities (Walker, 2015). South Carolina has many rural communities with excellent education institutions. Lander University (Greenwood), USC Aiken (Aiken), USC Sumter (Sumter), SC State University (Orangeburg), and USC Beaufort (Beaufort) could all offer education programming to retirees. This would not only help educational institutions increase enrollment but would help engage retirees in the community, would help keep their minds active, could help stimulate new and innovated ideas, and thus increase employment in and around the region. In addition, larger universities such as Clemson University, College of Charleston, Coastal Carolina and USC Columbia could be used as a hook to attract future retirees. Columbia is the third-best college town in the United States, according to a recent annual list produced by Livability.com (Wilkinson, 2016). Columbia logged in behind No. 2 Irvine, California, home of the University of California-Irvine, and No. 1 Tempe, Arizona, home of Arizona State University, in the Livability. com ranking. Livability.com stated that South Carolina’s capital city blends beautifully the old and the new with a solid base of young people, particularly students, young professionals and soldiers. “Columbia’s past, present and future are deeply tied to a collection of colleges and universities, including the state’s

10. REFERENCES AARP (2008). How well do you know boomers? AARP Press Center, Washington, DC, 15 April. Abdul-Aziz, A.R., Loh, C.L., & Jaafar, M. (2014). Malaysia's my second home (MM2H) Programme: An examination of Malaysia as a destination for international retirees. Tourism Management, 40, 203-212. Baxter, A. (2015). Resident ambassador. Multi Housing Pro Magazine. http://multihousingpro.com/article. php?AID=1163&name=Resident_ambassador Berman, D. (2016). New Space Coast tourism campaign to push beach nostalgia. Florida Today. http://www. floridatoday.com/story/news/local/2016/01/20/new-space coast-tourism-campaign-push-beach-nostalgia/78993322/ Brock, F. (2015). Baby boomers ’ second act. New York Times. http://www.nytimes.com/ref/realestate/greathomes/GH Retire.html Chen, S.C., & Shoemaker, S. (2014). Age and cohort effects: The American senior tourism market. Annals of Tourism Research, 48, 58-75. Chesnutt, J.T. (2007). Marketing our community to attract retirees. Alabama Cooperative Extension System. http://www. aces.edu/pubs/docs/C/CRD-0074/CRD-0074.pdf City of El Paso (2008). Preferences of retirees and future retirees. The City of El Paso. http://legacy.elpasotexas.gov/ muni_clerk/agenda/01-08-08/01080810E.pdf Cleaver, M., & Muller, T.E. (2002). I want to pretend I’m eleven years younger: Subjective age and seniors’ motives f or vacation travel. Advances in Quality of Life Research 2001. Springer: Netherlands. Crawford, M. (2013). Leveraging state programs to attract relocating retirees. LeadingAge Magazine. http://www. leadingage.org/Leveraging_State_Programs_to_Attract_ Relocating_Retirees_V3N6.aspx Cromartie, J. & Nelson, P. (2009). Baby boom migration and its impact on rural America. United States Depart of Agriculture. http://www.ers.usda.gov/media/155249/ err79_1_.pdf

Crown, W.H. (1988). State economic implications of elderly interstate migration. The Gerontologist, 28(4), 533–539. Draper, J. (2009). We're here now: An exploratory study of the relationships between tourism and post-migration community participation and sense of community. Dissertation retrieved from http://tigerprints.clemson. edu/cgi/viewcontent.cgi?article=1482&context=all_ dissertations Duncombe, W., Robbins, M., & Wolf, D.A. (2003). Place characteristics and residential location choice among the retirement-age population. The Journals of Gerontology Series B: Psychological Sciences and Social Sciences, 58(4), S244-S252. Gibler, K.M., Casado-Diaz, J.M., Casado-Diaz, M.A., Rodriguez, V., & Taltavull, P. (2009). Late life second move housing choices of international retiree migrants. International Journal of Housing Markets and Analysis, 2(2), 190-210. Gosnell, H., & Abrams, J. (2011). Amenity migration: diverse conceptualizations of drivers, socioeconomic dimensions, and emerging challenges. GeoJournal, 76(4), 303-322. Gundel, S., & Peters, H. (2008). What determines the duration of stay of immigrants in Germany? Evidence from a longitudinal duration analysis. International Journal of Social Economics, 35(11), 769-782. Howard, R.W. (2008). Western retirees in Thailand: Motives, experiences, well-being, assimilation and future needs. Ageing and Society, 28(2), 145-163. Huber, A., & O’Reilly, K. (2004). The construction of Heimat under conditions of individualised modernity: Swiss and British elderly migrants in Spain. Ageing & Society, 24(3), 327-351. Hudson, S. (2010) Wooing zoomers: Marketing tourism to the mature traveler. Marketing Intelligence & Planning, 28(4), 444 - 461. Humpherys, J.M., & Kochut, B.D. (2013). Retiree-based economic development in Georgia. University of Georgia, Terry College of Business. http://www.terry. uga.edu/media/documents/selig/golden-rules-2013.pdf Jalbert Kelly Financial Group (2016). Where are baby boomers going to live? U.S. News & World Report. http://money.usnews.com/money/blogs/on retirement/2013/07/16/where-are-baby-boomers-going to-live Jones, T.C. (2016). Another top-10 list - best and worst states for retirees in 2016. Stewart Blog. http://blog. stewart.com/stewart/2016/01/28/another-top-10-list best-and-worst-states-for-retirees-in-2016/ Karner, A., & Dorfman, J. (2012). Retiree migration: considerations of amenity and health access drivers. Agricultural and Applied Economics Association. http://ageconsearch.umn.edu/bitstream/124606/2/ AAEA_Amenity_Migration_Retirees.pdf Kiplinger (2016). State-by-state guide to taxes on retirees. Kiplinger Website. http://www.kiplinger.com/tool/ retirement/T055-S001-state-by-state-guide-to-taxes on-retirees/

ATTRACTING RETIREES TO RURAL SC

flagship school, the University of South Carolina,” the report said. “Longtime residents experience a vibrant social scene, evolving arts atmosphere and stable economy thanks in large part to a steady stream of college students, many of whom decide to stay after graduation. Off campus, students find a city filled with cultural attractions, great restaurants and things to explore.” Columbia scored for its more than half-dozen colleges and universities - the largest being the University of South Carolina. The ranking also took into account an educated population; the number of 25- to 29-year-olds as an indicator of the town’s ability to retain graduates; availability and affordability of housing; and athletic programs. This “College-town” aspect certainly will enhance the attractiveness of Columbia and South Carolina to retirees and pre-retirees who are seeking lifelong learning experiences.

39

ATTRACTING RETIREES TO RURAL SC

40

Kuehner-Hebert, K. (2004). Marketing lesson: Avoid the word ‘seniors’. American Banker, 27561(169), 8. Lehning, A., & Harmon, A. (2013). Livable community indicators for sustainable aging in place. Metlife Mature Market Institute & Stanford Center on Longevity. https:// www.metlife.com/assets/cao/mmi/publications/ studies/2013/mmi-livable-communities-study.pdf Longino, C.F., Perzynski, A.T., & Stoller, E.P. (2002). Pandora’s briefcase: Unpacking the retirement migration decision. Research on Aging, 24(1), 29-49. Louisiana Retirement Development Commission (2006). Retire Lousiana: strategic action plan 2006–2007. Louisiana Retirement Development Commission, Department of Culture, Recreation and Tourism. http:// www.crt.state.la.us/Assets/documentarchive/impact-report/ Retirement.pdf Lundholm, E. (2012). Returning home? Migration to birthplace among migrants after age 55. Population, Space and Place, 18(1), 74-84 Matney, M. (2016). South Carolina ranks 13th worst state for health care access. The Island Packet. http://www. islandpacket.com/news/health-care/article64934482.html McIlwain, J. (2011). Redefining seniors' houseing, Urban Land Magazine. http://urbanland.uli.org/industry-sectors/ redefining-seniors-housing/ McLaughlin, R. (2016) Housing in 2016: Hesitant households, costly coasts, and the bargain belt. Trulia Website. http:// www.trulia.com/blog/trends/2016-housing-predictions/ Miller, W.P., Hy, R.J., & Romund, C. (1999). Economic and fiscal impact of in-migrating retirees on Arkansas’ economy. University of Arkansas, Division of Agriculture, Cooperative Extension Service. Retrieved from https:// www.uaex.edu/business-communities/strategic planning/Economic%20and%20Fiscal%20Impact%20 of%20InMigrating%20Retirees%20on%20Arkansas%20 Economy.pdf Muller, T E., & O’Cass, A. (2001). Targeting the young at heart: Seeing senior vacationers the way they see themselves. Journal of vacation marketing, 7(4), 285-301. Nielson (2015). The increasingly affluent, educated and diverse: African-American consumers. Nielson. http:// www.nielsen.com/us/en/in Nelson, P.B., Nelson, L., & Trautman, L. (2014). Linked migration and labor market flexibility in the rural amenity destinations in the United States. Journal of Rural Studies, 36, 121-136. North Carolina Certified Retirement Community Program (2011). North Carolina Certified Retrement Community Program presentation. North Carolina Department of Commerce. https://www.nccommerce.com/Portals/2/ Documents/RuralDev/North%20Carolina%20 Certified%20Retirement%20Community%20Program%20 2%20BJL%20Rev.pdf Nyren, C. (2005). Advertising to Baby Boomers. Ithaca, NY: Paramount Books.

Ono, M. (2008). Long-stay tourism and international retirement migration: Japanese retirees in Malaysia. Transnational migration in East Asia senri ethnological reports, 77, 151-62. Otterbourg, R.K. (2008). Retirees are as good as gold for N.C. economy. Newsobserver http://www.newsobserver. com/2010/08/08/618268/golden-oldies.html# Ortman, B.J.M., Velkoff, V.A., & Hogan, H. (2014). An aging nation: The older population in the United States. Economics and Statistics Administration, US Department of Commerce. https://www.census.gov/prod/2014pubs/ p25-1140.pdf Pearce, P.L. (1991). Analysing tourist attractions. Journal of Tourism Studies, 2(1), 46-55. Poudyala, N., Hodges, D.G., & Cordell, H.K. (2008). The role of natural resource amenities in attracting retirees: Implications for economic growth policy. Ecological Economics, 68, 240-248. Reeder, R.J. (1998). Retiree-attraction policies for rural. U.S. Department of Agriculture, Economic Research Service. http://www.ers.usda.gov/media/1266474/aib741.pdf Robaton, A. (2015). Most retirees stay put - but those who move head here. CNBC.com. http://www.cnbc. com/2015/11/06/most-retirees-stay-put-but-those-who move-head-here.html Sastry, M. L. (1992). Estimating the economic impacts of elderly migration: An input‐output analysis. Growth and Change, 23(1), 54-79. Sasvari, J. (2007), Boomer or bust? Calgary Herald, 16 October, E1-2. Slade, D. (2013). South Carolina a top state for retirees due to tax breaks, says Kiplinger. The Post and Courier. http://www.postandcourier.com/article/20130826/ PC1610/130829802 South Carolina Department of Commerce (2009). Retirement in South Carolina: An analysis of the growth of South Carolina’s retiree population. South Carolina Department of Commerce. http://sccommerce.com/sites/default/files/ document_directory/Retirement_in_South_Carolina.pdf SCPRT (1995). Retirement and economic development in South Carolina. Division of Research, College of Business Administration, University of South Carolina. http:// moore.sc.edu/UserFiles/moore/Documents/Division%20 of%20Research/prt95f.pdf Strand, G. (2011). Myrtle Beach to start push to make tourists residents. The State, 14 July, B6. Stockdale, A. (2006). The role of a ‘retirement transition’ in the repopulation of rural areas. Population, space and place, 12(1), 1-13. Stockdale, A., & MacLeod, M. (2013). Pre-retirement age migration to remote rural areas. Journal of Rural Studies, 32, 80-92. Stockdale, A., Philip, L., & MacLeod, M. (2013). Retirement transition migration: Implications for rural development. Journal of Rural and Community Development Journal, 8(3), 303-320.

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Sunil, T.S., Rojas, V., & Bradley, D.E. (2007). United States’ international retirement migration: The reasons for retiring to the environs of Lake Chapala, Mexico. Age & Society, 27, 489-510. Town of Hilton Head Island (2010). Mayor’s task force final report. Town of Hilton Head Island. http://www. hiltonheadislandsc.gov/publications/reports/ MayorsTaskForce-FinalReport.pdf United Van Lines (2014) National Movers Study: South Carolina. United Van Lines. http://www.unitedvanlines. com/about-united/news/s-carolina-movers-2014 United Van Lines (2016) United National Movers Study. United Van Lines. http://www.unitedvanlines.com/about united/news/movers-study-2015 Verdoorn, J. (2011). 7 strategies to successfully recruit retirees. EzineArticles. http://ezinearticles.com/?7-Strategies-to Successfully-Recruit-Retirees&id=6692792 Walker, G., & Thierry, E. (2011). Migrating retirees are good for business in Virginia’s communities, Virginia Business. http://www.virginiabusiness.com/opinion/article/ migrating-retirees-are-good-for-business-in-virginias communities

Walker, J. (2015). Life in a college town, Ideal-Living. http:// www.ideal-living.com/life-in-a-college-town/ Wallace S. (2015). Property taxation in a global economy: Is capital gain tax on real property and good idea? Paper presented at the conference “Towards a 2015 Vision of land – A celebration of ICLP57‟s 100 Region session”. International Center for Land Policy studies and training in Taiwan. Wilkinson, J. (2016). Columbia ranked No. 3 among top U.S. college towns, The State. http://www.thestate.com/news/ local/article93668552.html Wilmoth, J.M. (2010). Health trajectories among older movers. Journal of Aging and Health, 22(7), 862-881. Wiseman, R.F. (1980). Why older people move theoretical issues. Research on aging, 2(2), 141-154. Wong, K.M., & Musa, G. (2014). Retirement motivation among “ Malaysia My Second Home ” participants. Tourism Management, 40, 141–154. Economic Research Service.

ATTRACTING RETIREES TO RURAL SC

38%

48%

Moved for careers

28%

20%

Moved for new job

Moved for job transfer

Moved for retirement

Appendix A

sixty percent

United Van Lines infographic

of

SOUTH CAROLINA

MOVERS EARN MORE THAN THE MEDIAN

2014 National Movers Study

national income

Leads The Nation with Three Cities in the

Forbes® Top 25 Places to Retire: #

Official Movers Guide to

SOUTH CAROLINA

7 Bluffton

#

12 Charleston

#13 Clemson

Warm Climate

Scenic Waters

Warm Climate

Water Frontage

Warm Climate

College Town

Home Prices

Highly Walkable

Home Prices

Bicycle Friendly

Home Prices

Highly Walkable

$$

$$$

$ 2014 US Median HH Income = 52K

SOUTH CAROLINA 42

was the nation’s

According to United Van Lines Research

CHARLESTON

2nd most popular in

39%

2014

By the Numbers

OUTBOUND MOVERS

61%

Also Known As

“The Holy City” with over 400 places of worship

Arthur Ravenel Jr. Bridge

INBOUND MOVERS

South Carolina Aquarium

Hominy Grill

Patriots Point Links

ToppedCarolina’s the list of Southern reasons forCharm movingand to South Careers Retirement Enjoy South WarmCarolina Climatein 2014 Retiringand Boomers

Careers and Retirement*

Baby Boomers

made up the largest proportion of movers

topped the list of reasons for moving

An Anaverage averageofof

18 to 24 25 to 34 n/a

Company Transfer

65 or older New Job

35 to 44

sunny sunnydays days

Retirement

51% Health/Personal reasons

45 to 54

Voted the most polite

Other

55 to 64

and hospitable city in America

*Survey allows for multiple career responses. Data may reflect duplicates.

VOTED Home to the Arthur Ravenel Jr. Bridge, the longest cable-stayed bridge in the Americas.

38%

Moved for retirement

48%

Moved for careers

AMERICA’S

Historians believe the

first game of golf

played in the U.S. was

played in Charleston in 1743

28%

20%

Moved for new job

Moved for job transfer

by Travel + Leisure

Copyright © 2015 United Van Lines, LLC. All rights reserved. USDOT #077949

sixty percent of

SOUTH CAROLINA

MOVERS EARN MORE THAN THE MEDIAN

Leads The Nation with Three Cities in the

national income

Forbes® Top 25 Places to Retire: #

7 Bluffton

#

12 Charleston

#13 Clemson

Warm Climate

Scenic Waters

Warm Climate

Water Frontage

Warm Climate

College Town

Home Prices

Highly Walkable

Home Prices

Bicycle Friendly

Home Prices

Highly Walkable

$$

$$$

$ 2014 US Median HH Income = 52K

CHARLESTON By the Numbers

Also Known As

“The Holy City” with over 400 places of worship

Arthur Ravenel Jr. Bridge

Special Thanks to: scprt.com | deptofnumbers.com | marketwatch.com | forbes.com | movoto.com www.unitedvanlines.com/about-united/news/s-carolina-movers-2014

Simon Hudson, PhD., MBA: Dr. Simon Hudson is the Director and Endowed Chair for the Center of Economic Excellence in Tourism and Economic Development at the University of South Carolina. He has held previous academic positions at the University of Calgary in Canada and the University of Brighton in England. He has also worked as a visiting professor in Austria, Switzerland, Spain, Fiji, New Zealand, and Australia. In all these countries, Dr. Hudson has worked on tourism planning and marketing exercises and numerous destinations around the world have benefited from his expertise and leadership skills. Prior to working in academia, he spent many years working in the tourism industry in Europe, so he brings practical experience to the table. Dr. Hudson has written eight books: Snow Business; Sport and Adventure Tourism; Marketing for Tourism and Hospitality: A Canadian Perspective; Tourism and Hospitality Marketing: A Global Perspective; Golf Tourism; Customer Service for Hospitality & Tourism; Winter Sport Tourism; and Marketing for Tourism, Hospitality & Events. The marketing of tourism is the focus of his research and in addition to the books he has written more than 60 peer-reviewed journal articles. Dr. Hudson is internationally known and respected as a leading expert and consultant in tourism research, and is frequently invited to tourism conferences as a keynote speaker. In fact, Dr. Hudson believes that the transfer from knowledge to industry is critical, and he places an emphasis therefore on dissemination. He produces well-written, cutting-edge reports from all of his work (see website below for more information), and he is always happy to present his findings face-to-face with industry stakeholders. For more information on Dr. Hudson’s projects visit: http://www.hrsm.sc.edu/CoEETourismandED/default. shtml SC Tourism Center Blog

Fang Meng, PhD. Dr. Fang Meng is a Research Associate in the SmartState Center of Economic Excellence in Tourism and Economic Development and an Associate Professor in the School of Hotel, Restaurant and Tourism Management at the University of South Carolina. Dr. Meng earned her Ph.D. degree in Hospitality and Tourism Management at Virginia Polytechnic Institute and State University. She was a faculty member at Ohio University prior to her work at the University of South Carolina. Dr. Meng’s research mainly focuses on tourism destination marketing and management, tourist behavior/experience, and international tourism. She has a strong background on both quantitative and qualitative research methods and data analysis. Dr. Meng has about 80 scientific publications, including over 30 academic journal articles and book chapters. Her research work has been published in top-tier tourism, hospitality, and business journals such as the Journal of Travel Research, Tourism Management, Journal of Sustainable Tourism, and Tourism Analysis. She has received the Best Paper Award in International Council of Hospitality, Restaurant, and Institutional Education (I-CHRIE, 2007) and Travel and Tourism Research Association (TTRA, 2012). She currently serves on the editorial board of three academic journals and is a paper reviewer for over 15 academic journals. Dr. Meng has nearly 20 years of working and research experience in the tourism and hospitality industry, and has conducted extensive research in the areas of destination marketing, branding, destination competitiveness, tourism experience, quality of life, and international tourism and behavioral studies. She has completed a number of research projects through external and internal funding on both regional and international level. Dr. Meng serves in the Expert Committee of the World Tourism Cities Federation (WTCF), and is an active member in major tourism associations and a frequent speaker in national and international academic/industry conferences. Dr. Meng is bilingual in English and Chinese.

ATTRACTING RETIREES TO RURAL SC

Appendix B: Project Team

43

ATTRACTING RETIREES TO RURAL SC

44

Kevin Kam Fung So, PhD, PostGradDip in MathSc (Stat), B.Bus (1st Hons): Dr. Kevin Kam Fung So is an Assistant Professor in the School of Hotel, Restaurant and Tourism Management and a Research Associate in the Center of Economic Excellence in Tourism and Economic Development at the University of South Carolina. He earned his PhD in Tourism and Hospitality Marketing from Griffith University, Australia, where he also obtained a Bachelor of Business in Hotel Management with First Class Honors. While completing his doctoral studies, Dr. So also pursued graduate studies in Mathematical Science and Statistics at Queensland University of Technology, Australia. His research interests focus on services marketing and management, with a special emphasis on customer engagement and service brand management in the tourism and hospitality industry. Dr. So has participated in a number of funded research projects with a total award of over $350,000. Many of these projects were funded by prestigious industry partners including the United States Department of Commerce, the South Carolina Department of Parks, Recreation & Tourism, the City of Columbia South Carolina, as well as peer institutions from the Australia, Hong Kong, and the United States. His work has appeared in many top-tier academic journals including the Journal of Travel Research, Tourism Management, Journal of Hospitality & Tourism Research, and International Journal of Hospitality Management. Recognition of Dr. So’s academic achievements includes the prestigious Griffith University Medal for his undergraduate studies; the Emerald Literati Network Awards for Excellence: Highly Commended Paper Award from the International Journal of Contemporary Hospitality Management; the Journal of Travel & Tourism Marketing Martin Oppermann Best Article of the Year Award 2013; the Journal of Hospitality & Tourism Research Article of the Year Award 2014; and three postgraduate scholarships for his doctoral studies. Dr. So’s doctoral research, "An investigation of the role of customer engagement in strengthening service brand loyalty," was chosen as the winner of the 2014 Emerald/EFMD Outstanding Doctoral Research Award in the Hospitality Management category.

David A. Cárdenas, PhD is a Research Associate in the SmartState Center of Economic Excellence in Tourism and Economic Development and an Assistant Professor at the University of South Carolina in the School of Hotel, Restaurant and Tourism Management. He received his Ph.D. in Recreation, Tourism and Parks Management from North Carolina State University. Prior to joining the faculty at the University of South Carolina, Dr. Cárdenas was a faculty member at the University of North Carolina Greensboro. Dr. Cárdenas has been a visiting professor in Shandong University in China and mostly recently in Curacao with the InterContinental University of the Caribbean. He has led a study abroad trip to Ecuador and helped facilitate educational trips to Ghana and Cuba. His research interests are in sustainable development, resident attitudes and tourism education. He has extensive experience working on community-based tourism planning projects in the United States and Ecuador, specifically working to engage and involve local residents in the sustainable tourism development process. His research has been published in the top-tier tourism and recreation journals such as the Journal of Sustainable Tourism, Tourism Analysis, Journal of Destinations Marketing, & Journal of Leisure Research, and Journal of Sport Management and presented his work at several regional, national and international conferences. In both 2008 and 2012, he received “Teacher of the Year” in his academic unit. In 2010 was inducted into Phi Beta Delta International Scholars Honor Society. Dr. Cardenas was born and raised in Quito, Ecuador and speaks English and Spanish. OTHER SMARTSTATE CENTER CONTRIBUTORS: Madeline Broderick (Project Coordinator) Pei Zhang (PhD Candidate) Hengyun (Neil) Li (PhD Candidate,) Rui Qi (PhD Candidate) Jing Li (PhD Candidate) Bahman Ajdari (PhD Student) SPECIAL THANKS TO: Patrick Mason (Co-Founder of Carolina Living) Joseph Von Nessen (Research Economist, University of South Carolina) Rick Ackerman (Executive Council Member, UHNA; President, GGHA) Nancy Kennedy (Director, Lifelong Learning Institute, Furman University) Daryl Orage (Executive Director, Brookdale – Hilton Head Village) Kirk Smith (Savannah Lakes Village)

Potential Retirees’ Perception of South Carolina

as a Retirement Destination



The SmartState Center of Economic Excellence in Tourism and Economic Development at the University of South Carolina is an independent research organization seeking your views about South Carolina as a retirement destination. We would appreciate your taking approximately 15 minutes to provide your honest feedback and input. Your opinions are very important to us, and all responses are anonymous. Thank you!

SCRRENING QUESTIONS 1.

Are you in the age category of 45-65 years old? 1) Yes 2) No (Please exit the survey. Thank you for your time!)

2. What state are you currently living in? 1) SC (Please exit the survey. Thank you for your time!) Qualtrics, including international as one choice)

2) Other state ____ (list them in

3. Have you ever considered relocating to another state for retirement? 1) Yes 2) No (Please exit the survey. Thank you for your time!)

QUESTIONS 1. Are you currently retired? 1) Yes (go to question 2) 2) No, but currently planning for retirement (go to question 3) 3) No, and not currently planning for retirement (go to question 3) 2. What year did you retire? __________ 3. Please estimate to the best of your ability the year in which you plan to retire. ___________ 4. Have you already purchased a property ready for retirement? 1) Yes (where? list the state to choose__________)

2) No

5. What states have you considered as your retirement destination? Please list up to 5 places. 1) _________ 2) ___________ 3) ___________ 4) ______________ 5) ______________

ATTRACTING RETIREES TO RURAL SC

Appendix C: Survey Appendix D: Surveys

45

ATTRACTING RETIREES TO RURAL SC

46

6. Have you ever considered relocating to South Carolina for retirement? 1) Yes 2) No 7. Approximately how many times have you traveled to South Carolina? __________ 1) Never visited 2) 1-2 times 3) 3-4 times 4) 5-6 times 4) 7-8 times 6) 9 times or above 7) Lived here before

8. Please list the three most important factors you considered when choosing a place for retirement. 1) _________________ 2) _________________ 3) __________________ 9. Did you take a vacation in the past 12 months? 1) Yes (how many? ___________) 2) No

PART I: MOTIVATIONS TO RELOCATE FOR RETIREMENT 1. When considering relocation for retirement, how important are these factors in your evaluation of a destination? (1=Not at all important, 2= Unimportant, 3= Neutral, 4=Important, and 5=Very important).

Not at all

Very importan Unimportan Neutra Importan importan t l t t t

Cost a. of living 1 2 3 4 5 Taxes b. 1 2 3 4 5 Housing c. prices 1 2 3 4 5 Insurance d. costs (health, homeowner, auto, etc.) 1 2 3 4 5 e. of medical/health care Quality 1 2 3 4 5 f. Safety 1 2 3 4 5 g. Climate/weather 1 2 3 4 5 h. to visit Sites 1 2 3 4 5 i. General infrastructure (e.g., roads, highway etc.) 1 2 3 4 5 j. Shopping 1 2 3 4 5 k. Restaurants 1 2 3 4 5 l. Access by air 1 2 3 4 5 m. Friendly/welcoming people 1 2 3 4 5 Recreational activities (e.g., golf, cycling, hiking, n. 1 2 3 4 5 fishing, etc.) o. Close to family (e.g., children, grandchildren) and o. 1 2 3 4 5 friends p. 2. Based on your perceptions of South Carolina as a retirement destination, how do you feel the a. b. c. d. e. f. g. h. i. j. k. l. m. n.



Very poorly

Poorly

Neutral

Well

Very well

q. of living Cost 1 2 3 4 5 r. Taxes 1 2 3 4 5 Housing s. prices 1 2 3 4 5 Insurance t. costs (health, homeowner, auto, etc.) 1 2 3 4 5 Quality u. of medical/health care 1 2 3 4 5 Safety v. 1 2 3 4 5 Climate/weather w. 1 2 3 4 5 Sites x. to visit 1 2 3 4 5 General y. infrastructure (e.g., roads, highway etc.) 1 2 3 4 5 z. Shopping 1 2 3 4 5 aa. Restaurants 1 2 3 4 5 bb. by air Access 1 2 3 4 5 cc. Friendly/welcoming people 1 2 3 4 5 Recreational activities (e.g., golf, cycling, hiking, dd. 1 2 3 4 5 fishing, etc.) o. Close to family (e.g., children, grandchildren) and ee. 1 2 3 4 5 friends ff. 3. This question is about your interests/activities. Please rate each of the following items on their level of importance to you as a potential retiree (1=Not at all important, 2=Unimportant, 3=Neutral, 4=Important, 5=Very important). a. b. c. d. e. f. g. h. i. j. k. l. m. n.

a.gg.Restaurants/taverns/cafeterias b.hh.Cinema/theater/performing arts c.ii. Live entertainment d.jj. Religious activities e.kk.Cultural events f.ll. Going to live sporting events g.mm. Continuing education h.nn.Volunteering k.oo.Hiking and biking trails pp. l. Tennis qq.Golf m. n.rr. Water Access o.ss. Kayak/paddle boarding/canoeing p.tt. Boating/fishing q.uu.Community garden r.vv.Spending time at home with friends and family s.ww.Yoga t.xx.Recreational Facilities (i.e., fitness center, gym) u.yy.Festivals v.zz. Entrepreneurial services/small business incubator

Very Not at all Unimporta Importa importan important nt Neutral nt t

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3

4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4

5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5

ATTRACTING RETIREES TO RURAL SC

state is doing on each of the following items? (1=Very poorly, 2=Poorly, 3=Neutral, 4=Well, 5=Very well)

47

ATTRACTING RETIREES TO RURAL SC

w.aaa.Technology/global connectivity x. Diverse culinary options (i.e., food, wine, beer & bbb. spirits) & crafts center y.ccc.Arts ddd. z. Library eee.Playground aa. for grandchildren fff.Pickleball bb. ggg.Bocce cc. ball hhh.Woodworking dd. center iii. Sewing ee. room ff.jjj. Health spas kkk.Green gg. (Eco-Friendly) housing/construction

1

2

3

4

5

1

2

3

4

5

1 1 1 1 1 1 1 1 1

2 2 2 2 2 2 2 2 2

3 3 3 3 3 3 3 3 3

4 4 4 4 4 4 4 4 4

5 5 5 5 5 5 5 5 5

lll. 48

PART II: IMAGE OF SOUTH CAROLINA 1. What three words/phrases would you use to describe your images of South Carolina? 1) ____________________ 2) ____________________ 3) ____________________ 2. What are the top three reasons that would prevent you from moving to South Carolina for retirement (if any)? 1) ____________________ 2) ____________________ 3) ____________________

PART III: WELL-BEING AND LIFE SATISFACTION 1. Please indicate your level of agreement with the statements below (1=Strongly disagree, 2=Disagree, 3=Neutral, 4=Agree, 5=Strongly agree). StronglyDisagre Strongly disagree e Neutral Agree agree a. In general, I consider myself a very happy person 1 2 3 4 5 b. Compared to most of my peers, I consider myself 1 2 3 4 5 more happy c. I am generally very happy and enjoy life 1 2 3 4 5 d. So far I have the important things I want in life 1 2 3 4 5 e. In most ways my life is close to my ideal 1 2 3 4 5 f. The conditions of my life are excellent 1 2 3 4 5 g. I am satisfied with my life 1 2 3 4 5 h. So far I have gotten the important things I want in life 1 2 3 4 5 i. If I could live my life over, I would change almost 1 2 3 4 5 nothing

PART IV: SUBJECTIVE AGE

2. In general, how old do you feel you are? _________ 3. How old would you like to be? _________ 4. What age do you think you look? _________ 5. Do you feel mentally 1) younger than your real age

2) the same as your real age

6. Do you feel physically 1) younger than your real age real age

3) older than your real age

2) the same as your real age

3) older than your 49

PART V: DECISION MAKING 1. I expect to relocate to another state for retirement. 1) Strongly Disagree 2) Disagree 3) Neutral 4) Agree 5) Strongly Agree 2. I expect to relocate to South Carolina for retirement. 1) Strongly Disagree 2) Disagree 3) Neutral 4) Agree 5) Strongly Agree 3. I would recommend South Carolina as a place to retire. 1) Strongly Disagree 2) Disagree 3) Neutral 4) Agree 5) Strongly Agree 4. I would spread positive word of mouth about South Carolina as a retiree destination. 1) Strongly Disagree 2) Disagree 3) Neutral 4) Agree 5) Strongly Agree

PART VI: DEMOGRAPHICS 1. Please indicate your residency zip code: ____________ 2.

What is your gender?

3.

What is your marital status? 1) Single (never married) 2) Married/partnered

1) Male

2) Female

3) Widowed/Divorced/Separated

4.

How many people are in your household? ___________

5.

What is your ethnic group? 1) Caucasian 2) African-American Asian 5) Native American 7) Other (Please specify) ___________

6.

ATTRACTING RETIREES TO RURAL SC

1. What year were you born? 19_________

3) Hispanic 6) Multi-racial

What is the highest level of education you have completed? 1) High school diploma or lower 2) Some college or Associate degree

4)

ATTRACTING RETIREES TO RURAL SC

3) Bachelor’s degree 7.

What is your total 2015 annual household income? 1) Less than $20,000 2) $20,000-$40,000 4) $60,001-80,000 5) $80,001-$100,000 7) $150,001 - $200,000 8) $200,001 - $300,000

3) $40,001-$60,000 6) $100,001-$150,000 9) $300,001 or above

8. Where do you prefer to live for retirement? (Check all that apply) 1) Coastal Region 2) Mountains 3) Foothills 4) Central Midlands 5) Rural 6) Small Town 7) Urban 9.

50

4) Master/Doctorate degree

Do you prefer to live in an “age restricted community” (e.g., Continuing Care Retirement Community) for retirement? 1) Yes 2) No 3) I do not care

10. Do you own a second home? Yes/No. If so, in what state_____? 11. To what extent do you expect your annual household income to change following your retirement? 1) Remain the same 2) Increase 3) Decrease, but by less than 5% 4) Decrease by between 5% and 10% 5) Decrease by between 11% and 20% 6) Decrease by more than 20% 12. If you are a homeowner, please estimate the current value of your home. Otherwise, please choose option (6). 1) Less than $100K 2) $100K-$250K 3) $250.1K-$500K 4) $500.1K-$1 million 5) Over $1 million 6) I do not own my home/current residence. 13. How many hours per week do you spend on volunteer activities in your community? 1) Less than 5 hours 2) 5-10 hours 3) 11-15 hours 4) 16-20 hours hours or more

5) 21

14. Do you have any other views about South Carolina as a retirement destination? Please feel free to write about them. _________________________________________________________________________________ _________________________________________________________________________________ __________________________ Thank you for completing the survey!

ATTRACTING RETIREES TO RURAL SC

52

SmartState Center of Economic Excellence in Tourism and Economic Development College of Hospitality, Retail and Sport Management University of South Carolina, Columbia, 29208 This research project was supported by a grant from the US Department of Commerce's Economic Development Administration (EDA)