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You're missing the point! NYC's job market is hurting more precisely because it has a larger concentration of securities jobs - it is more dependent on the sector than Richmond, which is more diverse. The sector is shrinking. We can all see this in the numbers so there's no use denying this. If you're an accountant, look at the operating margins of Altria, Sun Trust and Universal Corp. Then look at the margins Goldman Sachs, Morgan Stanley and Citigroup. Whose margins are more consistently profitable? Maybe now you'll understand.
And no I have no plans of leaving NY. My specialization affords me opportunities outside securities if ever I want to get out of it.
I'm in financial services. NYC is the Mecca. It may be hurting, but for financial services it's still far superior in NYC than in the richmonds of the world.
Last edited by Exrichmondback2LI; 08-21-2012 at 07:03 AM..
You're missing the point! NYC's job market is hurting more precisely because it has a larger concentration of securities jobs - it is more dependent on the sector than Richmond, which is more diverse. The sector is shrinking. We can all see this in the numbers so there's no use denying this. If you're an accountant, look at the operating margins of Altria, Sun Trust and Universal Corp. Then look at the margins Goldman Sachs, Morgan Stanley and Citigroup. Whose margins are more consistently profitable? Maybe now you'll understand.
And no I have no plans of leaving NY. My specialization affords me opportunities outside securities if ever I want to get out of it.
So you are saying the Richmond job market is more diverse? As I contemplate this statement it just appears to be a very wrong statement, but admittedly I've never endeavored a comparison between the 2 economies. I'd say on its face it appears as though NYC isn't as diverse because of the reliance on the securities industry. However if that's reduced to richmonds level, would the same diversity then exist? Meaning, NYC isn't as diverse due to a lack of other industries, just a very disproportionate share of securities jobs. Obviously those people in the shrinking jobs will need jobs and this causes competition, but my thought/opinion is the NYC will always be a desirable location for companies due to its population density and infrastructure, so as some jobs go others replace them (maybe not at the same rate but enough to negate the job outflow over the short and medium run).
Right. The question asked by pequat was if COL & taxes were equal would LI be one of the best places to live? I believe years ago it was but many other places now offer a lot of the things the Island does but with, less congestion and more accessibility. Richmond is given as just an example of a medium large city that offers these things because some of us are familiar with the place.
Sorry our town wasn't up to your standards kid, but you did try for a job down here and did go to school here, so we couldn't have been that bad eh?
Correct.
I'd say Richmond offers some things, LI offers some things, some overlap some do not, happiness can be found at either location depending on what you value. I am happier here in LI, glad to here you're happier in your location CSK. On a side note, I hope your son does well in his major, it sounds like an interesting one.
You must really love Long Island, because you don't seem to travel on/off it too much.
with family all over the tri-state area, I'm off of LI plenty.
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The bridges aren't only messed up at rush hour. At any point in the day, all bets are off. There's nothing worse than coming off exit 13 on the Turnpike, looking up and seeing traffic on the Goethols Bridge isn't moving. Granted, its less brutal over the winter, but its still nuts.
Often times the Staten Island Expressway/Belt Parkway combo is just one big parking lot. I won't even address the Geroge Washington Bridge
Who really wants to time their trip to arrive home at some ungodly hour, just to avoid the horrific traffic?
there are plenty of ways to check traffic in real time and adjust your route home. I realize doing nothing and complaining about things is easier, but for many people who have embraced that crazy new technology called the internet, there are ways to avoid traffic.
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Edited to add: Who said Twingles based her decision soley based on traffic? For many people, their issue with Long Island isn't just COL, its QOL.
Of course COL and QOL are sort of related but you're on a roll so I won't stop you.
So you are saying the Richmond job market is more diverse? As I contemplate this statement it just appears to be a very wrong statement, but admittedly I've never endeavored a comparison between the 2 economies. I'd say on its face it appears as though NYC isn't as diverse because of the reliance on the securities industry. However if that's reduced to richmonds level, would the same diversity then exist? Meaning, NYC isn't as diverse due to a lack of other industries, just a very disproportionate share of securities jobs. Obviously those people in the shrinking jobs will need jobs and this causes competition, but my thought/opinion is the NYC will always be a desirable location for companies due to its population density and infrastructure, so as some jobs go others replace them (maybe not at the same rate but enough to negate the job outflow over the short and medium run).
You got one half of the point correct. Look at the major employers at Richmond. Look at the major employers at NYC. You will see that Richmond is able to sustain different types of companies in less cyclical/volatile industries and these comanies have been able to sustain more stable profits over decades.
Now why is this so? As you pointed out, NYC (and Long Island) has better infrastructure and is served by at least 4 international airports and rail/subway. It also has a bigger and more diverse population. It's the same kind of voter-driven policies that make it impossible to sustain any business except the highly volatile and the low end. Look at what's going to replace the securities and publishing industries. It's healthcare and the academe. If you can find a place in these sectors then you will have a place in NYC in the future. Other cities like Richmond, Salt Lake and Baltimore will attract those who prefer more stable careers.
I usually am not one for sweeping generalizations and prefer to stick to fact, but each time I've been to Richmond I had to say "what a freakin' dump!" Comparing Richmond to NYC in any analogous industrial situation outside of the cigarette industry is silly. It's experiencing growth and expanding suburbs like most recent alternatives to big metros (i.e. Buffalo, Pittsburgh, Baltimore, Newark, Fort Worth, Charlotte), but the crime and drug rates in Richmond make LI look like shangrila. I wish LI would trade a little of that security for some of the business development and expansion these other metros like Richmond are achieving but that won't happen here in Nimbyville. Eventually the Richmonds will become world class cities (suburbs) and the LI's will slide into decay. If you ain't growing, you're dying (in an economic sense).
They've already grown (no pun intended) outside of local tobacco. If you look at Altria and Universal, they source most of their tobacco from other countries but maintain their corporate offices there. They are, however, still dependent on the government sector for employment but the private sector has been growing as well and this is evident by the presence of the regional banks who lend to businesses. If only the NYC metro's cost of doing business can be driven down by 50%, it can attract more stable companies.
You got one half of the point correct. Look at the major employers at Richmond. Look at the major employers at NYC. You will see that Richmond is able to sustain different types of companies in less cyclical/volatile industries and these comanies have been able to sustain more stable profits over decades.
Now why is this so? As you pointed out, NYC (and Long Island) has better infrastructure and is served by at least 4 international airports and rail/subway. It also has a bigger and more diverse population. It's the same kind of voter-driven policies that make it impossible to sustain any business except the highly volatile and the low end. Look at what's going to replace the securities and publishing industries. It's healthcare and the academe. If you can find a place in these sectors then you will have a place in NYC in the future. Other cities like Richmond, Salt Lake and Baltimore will attract those who prefer more stable careers.
Look outside of the top 10 employers for Richmond and NYC. You are mentioning Altria, isn't Philip Morris in NYC? What about all other companies outside of publishing and securities (which NYC dominates)? Is Pfizer is Richmond?
You can make a case that NYC is on the decline, but comparing it to Richmond is a joke.
Philip Morris moved the rest of their NYC operations to Richmond several years ago.
I don't think Forest is comparing the two for size but for other factors. Look, Richmond has suffered Land America and Circuit City crashing. Before that Reynolds being bought, and before that all the banks that had headquarters here. But the metro area is still thriving. We may not have the depth in a sector that NYC does, but we have a lot of diversity in businesses, along with state government, that keep us moving forward and desirable to outside companies to invest in the area.
I wish Long Island had started to really work at getting this kind of diversity when aerospace moved off.
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