With the growing attractiveness of midsize markets, Arkansas is poised to benefit from the relocation of skilled workers. Talent migration to southern and western states has been a prevalent pattern for several years, but the trend has accelerated during the COVID-19 pandemic.
The desire for an alternative to major cities is often attributed to the remote work shift, expensive housing markets, and densely populated metros. Larger metros are losing some of the appeal that previously attracted talent, while midsize markets provide an alternative for individuals and companies looking to minimize cost and maximize quality of life.
Affordability is key to recent talent migration patterns. In more expensive markets, companies are finding it hard to retain talent. The country’s largest cities, including Los Angeles, New York, and Chicago, are experiencing population losses. Lower cost of living is a huge driving factor for individuals relocating to smaller markets.