$1 Trillion Leaving THESE 2 States | Can You Guess Which?

Can you guess where the jobs have been moving to? Where people have been moving to? Well, NY and CA have faced a significant financial industry exodus, with firms managing nearly $1 trillion in assets departing over the last three years. Notable departures include Elliott Management to West Palm Beach, AllianceBernstein to Nashville, and Charles Schwab to Dallas's suburbs. This shift resulted in the loss of several high-wage jobs, taxing both city and state revenues. Even as NY remains a major asset management hub, the southern regions are experiencing a surge, evident in Miami's rising real estate prices and Dallas's fast-expanding finance industry. Motivations for these relocations include lower tax rates, favorable climates, and affordable luxury housing. This trend is transforming the US's financial landscape, moving away from historical finance epicenters to areas previously known mostly for regional banks. For example, from 2020 to March 2023, over 370 investment firms, handling $2.7 trillion, changed their HQs. Most relocated from high-living-cost areas in the Northeast and West Coast to Sun Belt regions like Florida and Texas. North Carolina and Tennessee notably gained over $600 billion in assets from key relocations. In contrast, states like Washington and Connecticut experienced significant losses, with Connecticut now lagging behind Florida in assets under management. #newyork #california #NYExodus #CAExodus #workfromhome #Miamieconomy #jobs

TOPICS AND TIMESTAMPS:
Companies Jobs Moving Out 0:00
Central Banks Mystery 5:57
Economy Dragged Down 10:21
What Can I Do? 13:08

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