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The “R” word is terrible and no one wants to talk about it. Yes, the word called “recession“.
But truthfully? I see it as a boon. A blessing in disguise for cities like those in the Triad. If only they would take that chance. Here’s the one big thing that I see happening. In any other type of boom time, smaller cities cannot compete with larger ones when it comes to attracting well educated young professionals. Heck, any professional. For one, the opportunities are not there, as well as the fact that you just can’t compete based on cost of living. If people made six figures, then they’ll continue to want to make six figures and big cities are where it’s at when it comes to opportunities as such.
But when times are tough, people tend to migrate where it is affordable. They are less likely to be choosy about salaries or positions when having a job matters more. And in that area, these smaller cities are in a position to begin their build out and growth.
The way I look at it? Larger corporations are creating the attrition so larger populace areas become red zones for job opportunities. In that sense, people will want to go where the jobs are (usually smaller corporations). If the locales actually produced incentives to create jobs, this would in turn bring in more job-seeking professionals which would in-turn grow out the city.
I’ll put it into perspective here. Five words.
More people equals more taxes.
And that’s a big deal. That means more funding for more of everything else. Personally, I’m actually baffled at why we keep chasing biotech and nanotech here in the Triad unless they’re extremely niche markets in those fields. Mainly because there are major cities at play in both industries and from purely a funding perspective, you get out-played ten to one. Chase the industries that you have already around, like shipping, warehousing, engineering, and even IT would be a more generic play. Small businesses is where it’s at and to become the driving force that creates jobs? Greensboro, Winston-Salem, and High Point all have the potential to reach for the stars. It’s time that we start moving these cities into the next level and quit sitting around while these professionals flock elsewhere. It’s an opportunity of a lifetime, and we might miss out on a way to capitalize on this in a way that could possibly make this area the next best place to live.