The Slumping South By 2009, the U.S. South was almost as wealthy as its neighboring regions, due to lower taxes and policies that created blue-collar jobs. But in the years since the financial crisis, the South's fortunes have turned—weighing down output and wages and pushing up unemployment—as globalization has hit the region particularly hard, and policies that had previously worked failed to make much of a dent. WSJ
But but but the orange haired messiah is giving Arthur Laffer the Presidential Medal of Freedom. The man largely responsible for $22 trillion in debt because of his failed tax theories that have decimated the south.
Can't read the article because it is members only. But I can't imagine they are painting the entire south with a broad brush. States like NC, TX, AZ, FL and several others have growing economies + populations when several of the Northeast states are actually shrinking both economically and population-wise
Good grief Tennessee is really strong - especially the Central area. Nashville and the manufacturing Counties are experiencing explosive growth. Goldman Sachs and UBS are expanding Nashville operations and Amazon is building out a hub in Nashville that they’re now talking about expanding beyond their original announced 2018 plans (thanks, AOC!).
I don't think anyone considers AZ "the south" any more than SoCal is "the south"! When we refer to "the south" in the U.S. it's generally referring to the losing states states in the civil war.
Unbelievable. I live in California, and the exodus to the hot business areas of the south is huge ( Check out the moving company reports on state to state moves ). Most of the people relocating are business owners, or higher wage earners. Almost nobody moves back from TX , NC, etc. or wants to.
Funny that CA real estate prices reflect the opposite. If the wealthy were really "fleeing" CA to third world states you'd see their real estate prices rising rapidly while CA prices fell. Either CA is still producing wealth significantly faster than it is fleeing or supply and demand effects are suspended in CA or ?
Nope. The poor are fleeing CA. The highly paid white collar professionals(Tech, Medicine, Law, Hollywood, etc.) are still here and few relatively "poor" despite making multiple 6 figures income. And of course the newly minted billionaires/millionaires are pushing up Bay Area real estate again every time a company goes public. This is why CA real estate prices in prime area is high and gets higher.
You are absolutely correct, I know a few of the new relative poor on the way out now. Millionaires but under 10 mill.