Will the current major, liberal markets retain their prestige? (sales, houses)
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I work in the software industry and the majority of our clients are major financial institutions, wealth management clients, and other players in the financial services space. These clients are all clustered in major, blue-state markets - Chicago, Boston, NYC, SF. Charlotte is really the lone purple exception.
Of course some red areas are growing well, but I've noticed the best and brightest are moving to the blue markets like lemmings to take the tip-top of jobs in most industries. That's where the best jobs are located.
Major financial institutions are clustered in cities with major wealth, or in cities that attract major wealth from abroad. So long as that is the case, there will be financial software engineers flocking to NYC, San Francisco, Boston, Chicago, and maybe Charlotte (Bank of America). I'd think there should be nothing surprising about this, and that as long as these are the places where big banks, hedge funds, investment houses, etc call home, the trend will continue.
However there is also probably also a big demand for sophisticated software of different types in the D.C. area, as it is a center of political power.
I work in the software industry and the majority of our clients are major financial institutions, wealth management clients, and other players in the financial services space. These clients are all clustered in major, blue-state markets - Chicago, Boston, NYC, SF. Charlotte is really the lone purple exception.
Of course some red areas are growing well, but I've noticed the best and brightest are moving to the blue markets like lemmings to take the tip-top of jobs in most industries. That's where the best jobs are located.
Do you think these trends will continue?
It's not really a trend, more a matter of fact. The cities you mention (and others) attract those who are more educated and appreciate the perks of living in cities where that is more the case. I don't think anyone foresees that reversing to cities lacking that and other similar values.
Yes, those trends will continue. At least as long as there's still need for mass employment. Personally I think as computers get more sophisticated over the next 20-30 years a lot more finance work will begin to be automated, making many of these jobs irrelevant. Still, as long as these jobs remain relevant, we will see this dynamic.
Basically there's a self-perpetuating cycle here. If you're an employer who is looking for the best and brightest (and not just warm bodies) you want to locate in these cities, because you have access to the widest pool of most qualified applicants. And if you want to compete for the best jobs as an employee, you know you need to move to those cities, because the best job opportunities are available.
If there was some major finance employer with the cache of Google, they might be able to buck this trend - get talent to move with them to some new city and set up enough of buzz to create another major financial center. But IMHO the finance industry is probably one of the industries least likely to buck national trends.
If there was some major finance employer with the cache of Google, they might be able to buck this trend - get talent to move with them to some new city and set up enough of buzz to create another major financial center. But IMHO the finance industry is probably one of the industries least likely to buck national trends.
Google is not bucking the trend. Their largest office outside of Mountain View is in NYC, and most of their finance, advertising, and sales divisions are located in NYC.
Google is not bucking the trend. Their largest office outside of Mountain View is in NYC, and most of their finance, advertising, and sales divisions are located in NYC.
I know. But Google can set up satellite locations and recruit serious talent to move there. They've been doing this in Pittsburgh.
Google is not bucking the trend. Their largest office outside of Mountain View is in NYC, and most of their finance, advertising, and sales divisions are located in NYC.
Yeah, I was gonna say. Google has a massive presence in NYC. They own a nearly 3 million square foot office tower in Manhattan. Basically every Silicon Valley firm has its second largest office on earth in NYC.
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