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Vey interesting, i posed a theory similar on those more apt to move from mature metros and caught a great deal of slack, but by my observation is rarley ever do I see the top performers leaving the North East, I see the marginal employees that did not progress as rapidly, unless a forced move due a company, thus those who earn less seem to seek lower costs to better afford a lessor income
Avg income data somewhat bears this out but not in total. But in my 15+ years in the corporate finance and strategic consulting, most recently focused in Pharma, I rarely ever see top performers or even above average performers flee the area.
interesting read but seems very general and like my observations mainly annecdotal, but was intriqued to see a very similar take...
When you read your article, you need to look at the things that go complimentary with the article in general, I will provide the information for you that the author of the article mentioned multiple times throughout the narration of his article.
He was talking about GDP, and the article was written in 2009. There for you have to look at that GDP, at the Per Capita Income, at the Income Growth Rate, & at the Total Personal Income of a region. Allow me to sum up everything he was talking about with visuals on the figures.
Per Capita Income 2009: BEA : Per Capita Personal Income by MSA for 2009 <sup>\<a href="#footnote">1</a></sup> (http://www.bea.gov/regional/reis/mrius.cfm - broken link)
My thoughts on his article cannot be a professional one, I am simply a 20 year old college student and no real experience at this to make a professional level claim, however with that out of the way, I can make a fair assessment of his article and what he has to say with information, a lot of it nice but his information is either outdated, does not configure the changes brought by the recession, or he's trying to make a point but not taking into consideration all the broad scopes of the information he himself posted and could have accidentally overlooked some of it.
But Everything the author of the article talked about in his time period when the article was published (2009) I've provided sources to verify. He talked about Economic Output (GDP), I have provided that.
He talked about income growth from 2000 to 2008 and I one uped it with the income growth rates from 2000 to 2009 and provided a source.
He talked about total personal income attained, I have provided the 2009 source straight from the US Government's Bureau of Economic Analysis.
I also posted the Per Capita Income for 2009, another thing in which he went into broad detail over and talked about. My source being the Bureau of Economic Analysis which is a division of the US Government.
I've looked at his reasoning, and then looked at all the information and I'll leave it at that.
A little more after some additional quick thought, to me there may even be a little more. The big cities in the North East (I can speak to better having lived in Philly/DC/NYC) have more haves and have nots and this seems to be seperating more than in most metros, at least by my observation sans DC which seems to have a higher concentration of upper middle class overall and not more dichotomy versus some of the older metros. Whereas the faster growing metros seem to have more middle class. Not sure, but even in the more affluent burbs there seems to be a differance, almost like a nuevo riche bragadacio that is less apparent in the older established wealthy burbs of the Northeast. Compare Katy TX to the mainline of Philly, a very different vibe, even among those of the neuvo riche so to speak in the main line. Katy in many ways seems more status driven and also more upper middle class without the older cultured wealth or even the concentration of new wealth. The wealthier folks from the north East are not moving and not at all pushed out by the COL, that just isnt a factor and the cultural amentities become in many ways more important once the COL portion is minimized. There just seems to be more dichotomy here in the North East, the mid level or those that dont break through are more likely to flee, those that succeed do not or even migrate among the older or coastal metros and those of the so called have nots dont leave either, so it seems the middle or non able to push through here are the one more likely to leave, those that succeed or are the have nots do not. I think this means these cities will continue to be more separated by class and those in the growth areas will be more middle class. It also seems to play out in the industries, the economies of the sunbelt have more service related even among white collar jobs which pay ok but not higher clustering of higher incomes. This is a generalization but I do believe there is something to this.
Whether it is good or bad probably depends on the individual, but in some ways the middle class dream has moved to a new location so to speak and the older more established cities are seeing a higher dichotomy and chasing those that cant quite break through out (not all obviously) and those that can afford have zero desire to leave and those that cant leave, just cant...
Last edited by kidphilly; 02-18-2011 at 10:21 PM..
When you read your article, you need to look at the things that go complimentary with the article in general, I will provide the information for you that the author of the article mentioned multiple times throughout the narration of his article.
He was talking about GDP, and the article was written in 2009. There for you have to look at that GDP, at the Per Capita Income, at the Income Growth Rate, & at the Total Personal Income of a region. Allow me to sum up everything he was talking about with visuals on the figures.
Per Capita Income 2009: BEA : Per Capita Personal Income by MSA for 2009 <sup>\<a href="#footnote">1</a></sup> (http://www.bea.gov/regional/reis/mrius.cfm - broken link)
My thoughts on his article cannot be a professional one, I am simply a 20 year old college student and no real experience at this to make a professional level claim, however with that out of the way, I can make a fair assessment of his article and what he has to say with information, a lot of it nice but his information is either outdated, does not configure the changes brought by the recession, or he's trying to make a point but not taking into consideration all the broad scopes of the information he himself posted and could have accidentally overlooked some of it.
But Everything the author of the article talked about in his time period when the article was published (2009) I've provided sources to verify. He talked about Economic Output (GDP), I have provided that.
He talked about income growth from 2000 to 2008 and I one uped it with the income growth rates from 2000 to 2009 and provided a source.
He talked about total personal income attained, I have provided the 2009 source straight from the US Government's Bureau of Economic Analysis.
I also posted the Per Capita Income for 2009, another thing in which he went into broad detail over and talked about. My source being the Bureau of Economic Analysis which is a division of the US Government.
I've looked at his reasoning, and then looked at all the information and I'll leave it at that.
average and medians can be very misleading in this theory quite honestly, the only way to play it out would have to be looking at those that did migrate versus those that did not and even more than that, 2009 and 2010 are probably bad years to look at these metrics but longer term trends are more valuable.
But in all my years of working I have never known a high or even above average worker that choose to leave the north east for a cheaper metro, a n of one meaning my own personal observation but this is something I have often thought about especially on this forum.
Old money is less likely to show off than new money. That's why a place like Atlanta might come off looking richer than a place like Philadelphia.
LOL - Chapel Hill, NC to a T: hot young academics rolling in $ for the 1st time in their lives: "Hi. Have you been published? I've been published. Let me tell you about my kids, who speak 5 languages and are reading Kafka in pre-school. We spend 3 weeks in Italy every summer. You know where Italy is, don't you? My $500,000 fake row house in a 2-year-old planned neo-urban community in the boondocks is so cool - very creative class. Let me tell you about my trophy wife. She's Danish. She's a championship-grade helicopter mom, loves walking around town in equestrian gear so everyone knows she hangs out around horses all day long, she has a PhD in the semiotics of astroturf, and she's also a consultant, when she's not digging the Absolut out of the toilet tank in bathroom #4, which I like to pretend I don't know about, though everyone else does."
I sweartaGod it's a GREAT town if you have a very high threshold for B.S., social climbing and plastic surgery disasters whose great brains are unpolluted by any contact with the actual outside world: the town that wanted to be the Berkeley of the South decided it wanted to be Mill Valley instead. But even if you love it here, it's soooo much fun to make fun of - it's like walking around in some mumblecore Sundance Film Fest also-ran 24-7, for whatever that might be worth. And I say that with love.
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