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The migration of talent and capital to the high-tech corridors of the Southeast
This is the most recent item in a long run of stories describing a geographic analog to the process of creative destruction. Those states who spray “startupicide” on the economy – suffocating regulations, inflated business taxes and fees, lawsuit-friendly legal environments, and political classes uninterested in business concerns, if not downright hostile to them – lose economic clout as people and capital migrate to other states with more favorable environments in which to work and live.
Local evidence of this trend can be found in this story, in which the U.S. Census Bureau reports
Three metro areas in Florida were among the nation’s 10 biggest gainers in the number of people moving there last year, and another three Florida metro areas were in the top 10 for overall growth rates.
Our hometown Tampa was #5 in the nation in 2016 population growth.
This migration of economic clout within the US has been more subtle than the California Gold Rush or Irish Potato Famine but is just as significant. Some states are chasing away their earners, workers, and entrepreneurs; this is their tax base.
The growth corridors of the high-tech South would have a mercantile-like advantage but for the fact that employers can (and do!) simply move in order to thrive under our growth-oriented tax policies, lower public sector debt burdens, stronger job creation, excellent climate for entrepreneurs, and a superior overall business climate. (The actual climate happens to be conducive to a great quality of life as well.)