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Teleworkin' It
Finance Jobs Migrate to the Sun Belt, Workers Live Better and Cheaper

Wall Street is colliding with Main Street in a whole new way. Thanks to low taxes, telecommuting innovations, and more-bang-for-your-buck quality of life, financial service jobs are growing quickly in unexpected places. The financial industry is adding jobs in places like Nashville and Phoenix at a faster rate than in traditional capitals of finance like NYC. Though banks are consolidating, they are increasingly locating only their headquarters in the major cities, while sending their workforce out to the Sun Belt, from which they can telecommute. Joel Kotkin has more in New Geography:

These smaller cities have advantages for both the financial institutions and their employees. For one thing, the cost of employees is much lower. According to salary reporting website, the median financial manager in New York or San Francisco costs $90,724 to $98,783, respectively; while one in Phoenix costs only $77,467.

But this is not just good for the companies. Employees who make less in St. Louis, Phoenix or Dallas often live far better than their counterparts who earn higher salaries in the traditional money centers. One big reason is housing costs, which are a third to half cheaper in the top cities on our list than in places like Boston (2013 median home price of $375,900) New York ($465,700), or San Francisco ($679,200).  Compare that to $183,600 in top-rated Phoenix or $171,000 in San Antonio-New Braunfels.

Telework allows people to form more integrated work-life communities in the suburbs as well as the city and allowing talent to settle wherever it wants while still staying plugged into the wider world. Telecommuting young people now have the the opportunity to improve their quality of life by moving into cheaper areas or even going abroad. There are many ways to help this transformation along, and we’d be excited to see it pick up steam.

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  • Gene

    Anything that might force NY City and State politicians to confront the ironclad realities of math is OK by me.

  • Bruce

    Tennessee and Texas don’t have income tax either. There are a lot of reasons to leave New York.

  • LarryD

    Cities were valuable because the concentration of people facilitated communication and transportation for industry and commerce. Our governing elite loth industry and have driven it out of cities and telecommunications technology has rendered the communications aspect moot.

    So in America, cities are obsolete. As usual, Progressives are destroying their own environment.

  • Natalie

    As someone who’s starting a career in finance (and doesn’t want to live in a big city like New York), this is great news! Thanks for posting.

  • pointsnfigures is one way. find a place to telecommute using

  • Kevin

    Of course much of this work can also be done in Mumbai or Shanghai…

  • Mark Robert Jones

    This is a good way for progressives to spread their disease to every town and city across the country as well. You paying attention Texas?

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