Economic Impact of Florida Seniors

Florida elders age 60 and over contribute substantially to the economy of Florida by:

  • Providing $135 billion in spending power – almost $12.5 billion more than their younger counterparts (under age 50)
  • Accounting for 50 percent of all new home construction
  • Contributing a $2.8 billion net tax benefit after services are rendered
  • Participating in the election process – 31 percent of Floridians age 60 and older are registered to vote and 43 percent of voters in the 2006 election were age 60 and older
  • Paying $1.4 billion more in state taxes than they received in social services
  • Contributing over $3.5 billion to charities
  • Donating their time and talent in the amount of 7.5 million person days
  • Expending $9 billion in out-of-pocket expenses for medical care

Source: Destination Florida final report, February 2003