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The future of Silicon Valley headquarters
economist.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from economist.com Daily Mail and Mail on Sunday newspapers.
The future of Silicon Valley headquarters
economist.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from economist.com Daily Mail and Mail on Sunday newspapers.
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Though the pandemic has not fully released its grip on America, signs of an incipient boom are everywhere: in surging demand for workers, imports and, above all, houses. Residential property prices rose at an annual rate of 12% in February the fastest pace since 2006 buoyed by rising incomes, low interest rates and the belated plunge into housing markets by a crisis-battered generation of millennials. A clear preference for large but affordable suburban homes over pricey city-centre flats seems to be emerging. That covid-weary Americans might be eager for suburban life is hardly surprising. Yet the latest pursuit of leafiness and expansive floor plans contains hints of a potentially transformative shift in how Americans choose where they live.
The Daily Yonder Analysis: Has the Pandemic Changed Cities Forever? During the pandemic, people with high-wage, knowledge-based jobs are more likely than lower-wage workers to have stopped commuting into major downtowns. As the economy reopens, will they return?
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The 14th Street corridor in Logan Circle in Washington, D.C. Nation s capital is famous for its commuter population. With over 670,000 people employed in the District, only around 28% commutes to work from within the city. (Photo by Ted Eytan/FLICKR)
The article is excerpted from Economic Focus, published by the Federal Reserve Bank of Richmond.
Throughout American history, people have moved from farms and small towns to seek their fortunes in the big city. The story of the last century has been one of increasing urbanization. As of 2018, 86% of Americans lived in cities or surrounding suburbs, and large cities accounted for a similar share of total U.S. economic output. It wouldn’t be a stret