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Roundup 11-25-2016

November 25, 2016

Contents

List of the Week I – Where the Millennials Are Going

List of the Week II – Who Is Nice to Business

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Given that this is the busy Thanksgiving week, we decided to just provide a couple of interesting lists you can contemplate while digesting turkey and doing some shopping.

List of the Week I – Where the Millennials Are Going

There has been a lot of talk about attracting Millennials to the Tampa Bay area.  Some parts of the area make claims about how well they are pulling in Millennials, and some parts of the area may be.  But how are we doing overall and relative to toher areas?  Helpfully, apartmentlist.com did an analysis of census records for Millennial growth rate for major metros between 2005 and 2015.  (The list can be found here.)

So let’s look at the top 20 areas for Millennial growth (not the actual number of Millennials) including the growth rate (you’ll notice some of the top 20 actually have a negative growth rate):

Charlotte, NC 22.20%
Houston, TX 8.90%
Austin, TX 8.00%
Seattle, WA 6.90%
Omaha, NE 5.90%
Nashville, TN 5.30%
Indianapolis, IN 4.10%
Tulsa, OK 2.50%
Orlando, FL 2.00%
Columbus, OH 1.30%
Virginia Beach, VA 1.10%
Milwaukee, WI 0.30%
San Francisco, CA -0.70%
Pittsburgh, PA -1.30%
Minneapolis, MN -1.40%
Dallas, TX -1.80%
San Antonio, TX -2.60%
Raleigh, NC -2.90%
Oklahoma City, OK -3.70%
Kansas City, MO -4.00%

The Tampa Bay area came in 38th, with a -11.90% growth rate, just ahead of Miami, with a -12.50% growth rate.

Looking at the whole list is quite interesting.  We do not get their exact methodology, but even if you give everyone a boost across the board for something like an aging population (so Tampa would be only -9.9%), it does not really change our relative position.

With all the hype around Millennials, we were kind of surprised by these numbers. We leave it to you to draw your own conclusions.

List of the Week II – Who Is Nice to Business

The Times has a column about a Forbes list of the states with best business environment.

Forbes‘ recently released its 11th annual “Best States for Business” list, which finds that Florida climbed more spots in the rankings than any other state, rising eight places to No. 12 from No. 20. We knew Florida was on the upswing, but this leap shows how much momentum is driving the Sunshine State over many of its peers.

Here’s how Forbes explains an ascending Florida: “The Sunshine State’s college attainment rate rose and the growth forecast rates are among the nation’s best. Projected job and population growth are both expected to be second best in the country over the next five years with income growth fourth fastest.” And, Forbes noted, Florida ranks second among larger states in the Kauffman Foundation’s “index of startup activity” — a strong plug for the state’s efforts to encourage entrepreneurism and small business.

Which is fine, we guess, though basically meaningless unless you know what they are measuring:

Forbes‘ Best States for Business list factors in 40 metrics from 17 sources across six categories: business costs, labor supply, regulatory environment, economic climate, growth prospects and quality of life.

Florida rose to No. 12 based on gains in a majority of these key areas. It ranked a lowly 39th in business costs and 26th in quality of life. But it landed 14th in labor supply, 13th in regulatory environment, 8th in economic climate and an impressive No. 1 in growth prospects.

We thought quality of life and low-cost were Florida’ strong suits. So, who was above us?

Utah, North Carolina, Nebraska, Texas, Colorado, Virginia, Georgia, North Dakota, Washington, South Dakota, and Ohio.

What is really amazing about this list is that so many of the usual suspects (even higher tax and higher cost states) are on a Forbes list. (note: Ohio had the highest quality of life, so we are not sure exactly what is being measured).

This is how the Times explained the list:

Eleven other states are ahead of Florida. Tops in the country, and dominating for years, is Utah. The state does a lot of things right for its pro-business supremacy. But let’s be frank. Utah’s hot and has been for years, in large part because it enjoys the enormous overflow of tech companies and other businesses that relocate across the state border from super-expensive but still tech-vibrant California.

Imagine how different Florida’s economy would be if California was its neighbor.

Of course, Utah is not across the state line from California (unless it has annexed Nevada), and Phoenix and Portland are as close if not closer to California than Salt Lake City (and Tampa is closer to Charlotte and Raleigh than Salt Lake City is to San Francisco) but still, the point that Utah is thriving is made.  The real question is why do companies and talent choose Utah instead of other states and is that replicable?

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