So you're thinking about a retirement industry? Economic and community development lessons from resource towns in northern British Columbia

Abstract

Many resource-dependent towns in developed economies were designed to attract and retain young workers and their families. Industrial restructuring and public policy changes have weakened the ties between small places and resource sectors. As local governments search for ways to diversify their tax base and economy, some resource towns are looking towards the retirement industry as a way to stabilize revenue and enhance the resilience of their economy. However, this industry comes with a range of needs that resource towns typically are not equipped to address. With an aging workforce and a movement of baby boomers into retirement, communities will need to assess how they are going to meet the needs of current and future older residents. Drawing upon qualitative studies conducted in seven remote small towns in northern British Columbia (BC), we share key issues that small communities need to consider when developing a “retirement industry”. Our findings indicate that these places generally have a lack of seniors' housing, a lack of supports to help seniors age in their home, limited social and recreational programs for older residents, limited transportation options to connect seniors with supports, limited infrastructure adapted to reflect seniors' needs and mobility constraints, and underdeveloped information and policy structures to address seniors' needs. More attention must be paid to infrastructure investments, information access, program investments, human capital, and policy development.