On this morning’s WJR Business Beat, Jeff shares a recent Axois survey indicating that young engineers and recent college graduates are looking to Miami, Houston and Philadelphia as hot spots to start a career, rather than San Fransisco, New York or Seattle. This news comes on the heels of last week’s Business Beat features with Ryan Landau of Purpose Jobs discussing tech workers migrating to the Midwest.
Tune in to the Business Beat, below, to learn more about the new regions that are becoming tech hubs for creative workers, and what this means for Detroit:
“The bottom line? We stand to take advantage of this migration to further grow the momentum for Detroit and our region as a viable option to base a new tech company or build one’s tech career.”
– Jeff Sloan
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Good morning, Paul!
Last week, we heard from Ryan Landau of Purpose Jobs about how more and more tech workers are basing themselves in the Midwest these days. And that’s certainly good news for Detroit. And now a story released today and Axios underscores this trend. Indeed, young engineers and recent college graduates now view, for example, Miami up 15% in its tech workforce. Houston and Philadelphia, for example, as viable places to base their careers, while the idea of settling in San Francisco, New York or Seattle, for example, are cooling significantly with San Francisco down nearly 38% in its tech workforce.
What are the key drivers making this phenomenon happen?
Well, affordability, proximity to friends and family, having enough space and an enjoyable climate is top reasons for making the move. And the new opportunities associated with remote work are untethering many from having to be near the office, swinging the doors wide, open to all of these relocation options.
And this is good news, not only for the regions benefiting by the influx of skilled tech workers; it’s also great for the companies who rely on their tech workforce. You see, it simply costs companies less to base their workforce or some portion of it in the Midwest where overhead cost of living and taxes are generally lower.
And for the regions getting all those new tech and creative workers, well, this results in a redistribution of wealth and meaningful spending to stimulate and grow the local economies where these new tech workers will be living and working.
How significant is this redistribution of the workforce? Well, nearly half of tech workers moved during the pandemic, according to an April survey released Friday by nonprofit One America Works.
The bottom line? We stand to take advantage of this migration to further grow the momentum for Detroit and our region as a viable option to base a new tech company or build one’s tech career.
I’m Jeff Sloan, founder and CEO of StartupNation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.