In this article, you'll learn:
- The top states people are leaving due to high taxes and costs.
- How these migration trends impact talent recruitment.
- Why businesses should consider moving to business-friendly states.
- How remote work is changing the real estate landscape.
It's no secret that the United States is experiencing a mass migration. People are moving all over the country in search of better opportunities. Why is this happening? Through the pandemic, people became more mobile. First, the increasing lifestyle flexibility from remote work gave Americans more freedom.
Second, the divide between states that encouraged business growth and challenged growth worsened. As a result, the newfound freedom allowed Americans moved to these “business-friendly states.” And there are a couple of reasons why these regions are more sensible for finances (and beyond):
- Much lower taxes
- Better quality of life
- Less strict regulations
- Lower crime
- More favorable weather
These moves are longstanding as people look harder at the potential locations for laying down roots. According to address-change-request data from the United States Postal Service, "permanent address change requests jumped 3.3% to over 10.2 million between 2019 and 2020. 2021 saw similar results."
So, think about how this applies to your Commercial Real Estate (CRE).
This information is gathered from the United Van Lines National Movers Study. It is essential if you're a business looking to recruit talent. Keep reading to discover which states are losing the most people and why you should be wary of placing yourself there.
Articles are available exclusively for iOptimize Realty® subscribers.
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Articles are available exclusively for iOptimize Realty® subscribers.
Want to continue reading? Sign up below using your business email for access.
