For the first time, Florida, Texas, Georgia, the Carolinas and Tennessee are contributing more to the US GDP than the Northeast.
By Michael Sasso and Alexandre TanziDrive along the 240-mile stretch of the Atlantic coast from Charleston, South Carolina, through the grassy marshland of southern Georgia and down into northern Florida, and you’ll see one of the most profound economic shifts in the US today.Electric-vehicle factories and battery plants are overtaking pine forests in this region of antebellum architecture and shrimp and grits.
But in 2021, the company decamped for Jacksonville, Florida, on the southern edge of that 240-mile coastal band. The average employee here has an annual salary of $77,000, 25% above the national level, and well outstripping most local salaries. Still, many roles pay roughly 15% below the average at the former New Jersey headquarters.
The company’s move highlights the forces that have sent 2.2 million people migrating to Florida and across the Southeast in the past two years — roughly the size of Houston. Nashville, where the asset-management firm AllianceBernstein relocated a few years ago, has become the country’s top real estate “supernova” in surveys by PricewaterhouseCoopers and the Urban Land Institute. Houston, Atlanta and Charlotte, longtime home of Bank of America Corp., rank among the top 10 moving destinations nationwide by Penske Truck Rental — all ahead of boomtown Austin.
Beth Woods, 47, and her husband were eager to escape the Covid-19 shutdowns and shuttered stores up north, so they started making bi-weekly trips from Mount Olive, New Jersey, soon after the pandemic struck. Before long, they decided to make the move permanent. Whether the growing conservative tilt on issues including reproductive rights could chip away at the influx of people willing to move to some southern states remains to be seen. There’s no evidence that it has slowed the flow of migration.
It’s not surprising, Gimpel said, that so many top Republican candidates are based in the South, including former President Donald Trump and Florida Governor Ron DeSantis, as well as Nikki Haley and Tim Scott, both in South Carolina.
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