US FOCUS
report. “Talent has arguably never been more globally mobile than it is today, and millennials are hungry for international experiences.” In the US, it’s not just international opportunities either. Reflecting
London’s fading allure among millennials in favour of regional centres like Manchester and Birmingham, there are signs that America’s millennials are striking out of New York, San Francisco, Chicago and Los Angeles. US census data shows millennial population growth outpacing
general population growth in places like Denver and Colorado Springs. Further analysis by Brookings Institution demographer William Frey also suggests domestic millennial mobility patterns, inspired by a sense of adventure, more job opportunities and lower living costs, are tending south and west.
Cost-driven trends Andrew Chamberlain, chief economist at online recruitment site,
Glassdoor, which publishes a top 25 of cities to live and work in for the US and UK, said, “Big, metropolitan cities may be more famous than others, including being home to some amazing companies to work for, but this recognition is also what contributes to them being among the most expensive places to live. “Many mid-size cities stand out for offering a great mix of a
thriving job market with plenty of opportunity, paired with home affordability and being regions where employees are more satisfied in their jobs, too.” Cost-driven employers are also decamping in these directions. AllianceBernstein, one of the largest US asset managers, has plans
to relocate its headquarters and 1,000 roles, including chief executive, Seth Bernstein, out of New York – its base for the last 50 years – into Nashville, Tennessee. During a press conference, Mr Bernstein said, “Moving our
corporate headquarters here allows us to offer advantages to our employees that we simply couldn’t in the New York metro area.” Mr Bernstein also highlighted the more affordable cost of living, lower taxes, housing costs and quality of life. These qualities are actively marketed by regional initiatives like
ChooseATL, which aims to connect mobile millennials to Atlanta’s thriving metropolitan area. “The opportunities that millennials crave when it comes to careers, culture and community are abundant in Atlanta,” said Kate Atwood, Choose ATL’s chief executive. “With over 1,000 startups, Atlanta is Inc.’s No. 3 startup hub to watch. More Fortune 500 companies also have headquarters in Atlanta than Dallas and Nashville combined.” With the US economy continuing to pick up after the 2009
recession, mobility in the US seems to be too, albeit this time marching to the millennials’ tune.
1
https://www.irs.gov/irb/2018-03_IRB 2
https://home.kpmg.com/content/dam/kpmg/us/pdf/2018/05/tnf-mini-cab-may3-2018.pdf
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26 | Relocate | Autumn 2018
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