New economic powers and rapidly growing cities are different from what they used to be. New York and San Francisco for the first time in a while. According to Barron’s, Houston, Dallas, Miami and Nashville are on track to become the next hot spots in the US.
“There used to be two coastal power zones where you could live the best life without ever actually landing in a red state,” Stanford University historian Niall Ferguson told Barron’s. “We now have a much more multipolar America than a polarized America. It reflects the differences. If you talk to people who have made large-scale moves, they will tell you how good the moves were in Miami, Palm Beach, Austin, and Dallas.”
And this has had many harmful consequences for some states. For example, as Bloomberg reported, the exodus of the financial industry from New York and California resulted in $1 trillion in assets flowing into those states. The trigger was the loss of thousands of good-paying jobs, and the loss of tax revenue strained city and state finances.
When it comes to four fast-growing power cities: Houston for the energy economy, Dallas and diverse hubs, Nashville for healthcare and technology, and Miami as a burgeoning financial center and gateway to Latin America, many They say they have something in common. Barons.
nashville
According to The Tennessean, factors contributing to Nashville’s rapid growth and status as an economic powerhouse include local startups, companies relocating their headquarters outside of California, and large satellite operations beyond Silicon Valley. The company is said to include major tech companies that will be established.
New facilities from Amazon, Meta and Oracle are being built in the region, all of which will create thousands of new job opportunities, he added.
houston
It is the fifth largest metropolitan area in the United States and home to 26 Fortune 500 companies, according to Barron’s and the Greater Houston Partnership.
Business Insider reports that as much as 40% of the city’s economy is tied directly or indirectly to oil and gas, thanks to ExxonMobil, Phillips 66, and ConocoPhillips, which are based in Houston. Houston is also home to NASA.
dallas
According to Barron’s, Dallas had the most population growth of any U.S. metropolitan area last year. Regional airports serve 148 U.S. cities and 55 international destinations.
“It’s on fire right now,” Eurasia Group founder and president Ian Bremer told Barron’s.
Bremer said Dallas has cheap energy, large-scale entrepreneurship and a very permissive regulatory environment.
miami
According to Barron’s, the city is home to more than 1,100 multinational companies’ Latin American operations.
The city’s population will grow by 1.7% from 2021 to 2022, the fourth-fastest pace among the 50 largest cities in the United States, insiders noted.
Even Jeff Bezos moved to Seattle last month after living there for 29 years, according to an Instagram post last month. He said he wanted to live closer to his parents. “Also, Blue Origin’s operations are increasingly moving to Cape Canaveral,” he wrote in his post.
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