Monday, December 21, 2020

Another Stake in the Heart of New York’s Small Businesses

Even by previous standards, the latest moves by city and state lawmakers are stunningly destructive. 

Allison Schrager December 18, 2020

 “I have moved to Texas,” declared Elon Musk this month. The auto and aerospace mogul is not alone. Podcaster Joe Rogan recently decamped to Texas, as did software giant Oracle and multinational IT company Hewlett Packard Enterprise. A slew of others, from financier Carl Icahn to software firm Palantir, have also fled pricey cities this year for cheaper, more livable locales across the country.

New data from LinkedIn suggests that working professionals are joining them. Changes in location on user profiles from April 2020 to October 2020 show a migration of talent to less-expensive hubs. 

According to a Bloomberg analysis, Austin, Phoenix, and Nashville gained the most talent during that period, while Hartford, New York City, and the San Francisco Bay Area lost the most. Far from causing the death of all cities, 2020 has breathed new life into some metros while leaving others on life support. Other winning cities include Tampa and Jacksonville, as well as Charlotte, Dallas, Denver, Las Vegas, and Charleston, South Carolina.

The urban exodus primarily consists of workers bailing on the Big Apple and the Bay Area. These same metros were the leading contributors of new migrants to Austin in 2020. Cities that were attracting talent nationwide before Covid-19 are continuing to do so, in greater numbers. Migrants appear to be following preexisting social and professional networks to already-thick labor markets with thriving industries and good quality of life............To Read More....


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