As the economy continues to grow leaps and bounds ahead of the size of the labor force, demographers Joel Kotkin and Wendell Cox note growing concerns about finding and retaining talent in business.
While some suggest that firms need to move to big cities like New York or San Francisco in order to attract young and well-educated workers, an analysis of the U.S. Census Bureau’s American Community Survey reveals that urban core population growth has slowed overall in the past several years in every age group over 25.
Cost is a major factor in this exodus. Rent can cost over 45% of the income for workers aged 22-34 in the nation’s most expensive metros, and home prices are even more prohibitive. Older millennials are also increasingly likely to move to suburban areas as they age.
Across all age groups, the major metropolitan areas with the strongest population growth levels since 2011 are all largely lower-cost Sunbelt metros. Austin, Tex. and Raleigh, N.C. are tied for the fastest-growing U.S. metro with 15.5% growth across all age groups between 2011 and 2016, followed by Orlando at 12.0%.
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