Wealth, entrepreneurship, and experimentation are no longer relegated to the big cities.
Key Details
- Lower costs of living and more open spaces are drawing individuals with power and influence to smaller cities like Phoenix, Austin, and Boise.
- Remote work opened the door for an exit from major cities as professionals in traditional bustling metropolitan areas left to enjoy quieter, less expensive living.
- As innovators and entrepreneurs move from major cities, they bring with them new ideas to places that are poised for growth.
Why it’s news
Cities experiencing these population booms are the perfect location for technology like 5G, driverless vehicles, and drone delivery services to take off.
As a smaller city, there is room to develop new infrastructure, but the growing population brings the audience needed for these new developments. Experts with the knowledge for developing these new technologies are concentrated in an area, leading to explosive growth.
More professionals are tired of in-person office work. While some businesses will certainly convince employees back to the office, large numbers of employees are packing up their bags and leaving.
With the freedom to work from anywhere in the world, populations are spreading out.
Government incentives have also encouraged this population spread. By pushing 5G and internet updates, workers can more easily connect to the virtual office from anywhere in the country.
This also opens the door for businesses to hire the best employees from all over the country.
Some businesses have caught on to this trend and are starting to take advantage of changing interests. Businesses in the know are setting up shop in the up-and-coming cities while allowing employees to work from home, Axios reports.
