A confluence of demographic trends has the potential to reshuffle where businesses are located — and if they decide to move. Here are some of the factors that come into play.
- 60,000 or greater: Millennials are happiest in urban areas with a population of about 60,000. They are happiest in the largest metropolitan areas.
Source: Regional Studies, 2018, No Urban Malaise for Millennials
- 12: Percentage points by which millennials prefer walking over driving as a mode of transportation. That same gap is only 2 percent for Boomers.
Source: National Association of Realtors, The 2015 National Community and Transportation Preference Survey
- 59: Percent of millennials in favor of expanding public transportation, including trains and buses, as part of government transportation spending priorities.
Source: National Association of Realtors, The 2015 National Community and Transportation Preference Survey
- 62: Percent of millennials seeking mixed-use communities, so they can be near shops, restaurants and offices.
Source: Nielsen Insights, Millennials: Breaking the Myth
- 7: Drop, in percentage points, of those under age 25 who owned a car, between 2007 and 2011
Source: Nielsen Insights, Millennials: Breaking the Myth
- 13: Drop, in percentage points, of the number of 20-somethings who have a driver’s license, between 1983 and 2014
Source: University of Michigan, Transportation Research Institute, More Americans of All Ages Spurning Driver’s Licenses
- 6.9 million: The number of job openings nationally as of Nov. 30, 2018, as the U.S. faces a labor shortage. This is expected to worsen as Boomers, the country’s largest demographic cohort, retire.
Source: U.S. Department of Labor, Job Openings and Labor Turnover Summary
The benefits of moving your business to a city range from a larger talent pool and higher employee retention — particularly for millennials. If your business plans to move to a city, PODS is here to help. Learn more about our business moving and corporate relocation solutions that will provide support for your transferring employees throughout the process.
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