Yesterday (September 30), The Wall Street Journal released an article highlighting eleven cities predicted to be the “Next Youth Magnet Cities”. They must have borrowed the term “youth” from our friends to the north.
The list was compiled by six panelists who were asked to identify 10 cities they each felt would emerge as destinations for young, knowledge workers in their early 20’s when the economy gets back on its feet.
Washington, DC and Seattle tied for first followed by New York, NY; Portland, OR; Austin, TX; and San Jose, CA. Denver, CO and Raleigh-Durham, NC tied for seventh followed by Dallas, TX and Chicago, IL and Boston, MA tied for tenth.
Of the eleven cities ranked all but San Jose and Dallas also made Next Generation Consulting’s Next Cities™ list published this past June. NGC’s Next Cities™ list ranked the best places to live and work for young professionals - in three population categories. NGC tabulated the rankings after collecting and analyzing 45 measures for all U.S. cities with over 100,000 people.
The Wall Street Journal article and panelists Ross DeVol, director of regional economics for the nonprofit Milken Institute, stated where trendy smaller cities might have captivated youth in the past, today's recession-scarred young people are more pragmatic, placing "greater emphasis on where high-quality, high-paying jobs are created.”
NGC has studied the residential and relocation patterns of 20-40 years olds since 1998, and has developed a one-of-a-kind indexing system that evaluates a city based on the assets that are important to next gen workers. According to NGC, the seven indexes of a “Next City™” are: Earning, Learning, Vitality, Around Town, After Hours, Cost of Lifestyle, and Social Capital. Recent NGC survey work has shown that although strong Earning potential in a city is key for young talent. Cost of Lifestyle currently ranks number one among young professionals (20-40 year olds) when determining a place to call home.
Hmmm...?
When you look at the individual cities on both The Wall Street Journal list and NGC’s Next Cities list it is not shocking these cities are talent magnets. Most are strong research centers and offer diverse career opportunities, vibrant arts and cultural scenes, and stroll districts. What’s interesting to note is that some have had out-migrations of young talent in recent years.
The Wall Street Journal article noted that the recession has brought migration to a grinding halt: “Fewer people moved across state lines in 2008 than at any time since 1950, when the population was smaller by half,” says William Frey, panelist and senior fellow at the Brookings Institution. The article went on to say: youth-magnet cities gain an enviable cultural allure and a labor-market edge and the young are likely to be more restless than usual when the recovery comes.
That being said. What is your city doing to retain your young and restless?
You can read the full Wall Street Journal article here.
Learn more about NGC’s Next Cities rankings at http://nextgenerationconsulting.com/consulting/next-cities/
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