‘Living in the future’Recent college graduate Maximus Powers originally expected to move to San Francisco after graduating, but picked Phoenix in January after hearing a friend describe how full of energy the city felt. For years, U.S. growth has been overly concentrated in just a few metro areas, Muro says, particularly when it comes to the high-tech sector. Between 2005 and 2017, he notes, 90% of all jobs added in innovation sectors were clustered in five cities: San Francisco, San Jose, Boston, Seattle and San Diego. The Orlando metro area added 139,000 jobs in the past five years, growing by more than 11%. By contrast, jobs in the New York metro area grew by 1.7% during that time, and jobs in the San Francisco metro area grew 0.1%, according to Economic Innovation Group data.

Source: Wall Street Journal March 09, 2024 00:23 UTC