For the first time, fast-growing Texas, Florida, Georgia, the Carolinas and Tennessee are contributing more to the national GDP than the Northeast.
Corporations are also flocking there, with a record number of firms moving south after the pandemic, Census Bureau data show.The company, founded 182 years ago by abolitionist Lewis Tappan, was until recently headquartered in Short Hills, N.J., its location a major plus for a financial-information firm with close ties to Wall Street.But in 2021, the company decamped for Jacksonville, Fla., on the southern edge of that 240-mile coastal band.
The average employee here has an annual salary of $77,000, 25% above the national level, and well outstripping most local salaries. Still, many roles pay roughly 15% below the average at the former New Jersey headquarters.Jacksonville grew so fast that it surpassed San Jose in population last year. Good schools, including the University of Florida an hour and a half away, help provide a high-quality employee base, Hipsher said.
“You could throw a dart anywhere at a map of the South and hit somewhere booming,” said Mark Vitner, a retired longtime economist for Wells Fargo who now heads his own economic consultancy, Piedmont Crescent Capital, in Charlotte, N.C. “You could get your hair done, your nails done, you could basically live your life. And it has lower property taxes here, too,” Woods said.
For now, more people translate into more congressional seats and more political power on the national scene. Over the past five decades, 12 states in the Southeast including Texas collectively added 33 more congressional seats, roughly the same number that the Northeast and Midwest each lost over the same period.And Southerners now chair 11 of the 21 most important committees in the U.S. House, according to an analysis by Bloomberg Government.
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