The states of New York and California have each lost nearly a trillion dollars since 2019 due to the exodus of financial companies to the South of the United States, reports the agency Bloomberg on Monday.
The exodus from the northeast and west coast of the United States has led to the loss of thousands of well-paying jobs, straining the finances of the city and the state concerned by reducing tax revenues, indicates the media that has analyzed the documents filed by more than 17,000 companies since the end of 2019.
The same source indicates that the commercial real estate markets have also lost “valuable” tenants, while facing the new realities imposed by teleworking in the aftermath of the health crisis born from the Covid-19 pandemic.
The New York area remains the most powerful center for asset management, but in the south changes are happening, the US agency observes, noting that real estate prices in Miami are rising. booming and a series of new office buildings are being built.
Due to this exodus, the financial sector in the Texas city of Dallas is growing at the fastest pace since the oil crash of the 1980s, with new campuses to house thousands of employees including financial institutions like Goldman Sachs. Group and Wells Fargo.
These relocations, often dictated by the desire to benefit from reduced taxes, more clement climatic conditions and less expensive premises, made the happiness of certain regions of the United States which did not have a strong financial presence beyond the regional banks, notes Bloomberg.
This dynamic is disrupting, the US media reports, the economies of hot new destinations, causing a lot of concern in abandoned places and creating new opportunities for investors outside traditional financial centers.
2023-08-21 16:20:36
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