U.S. Economic Powerhouse Moves to South As Wealth, Job Opportunities Grow

The U.S.’ economic powerhouse was centered in the Northeast for decades. However, to date, the South is contributing more to the GDP than its neighboring states.

U.S. Economic Powerhouse in the South [Photo: PGC Group]

According to Latham, since 2020, more than two-thirds of the job growth in the U.S. was seen in the South. In 2020 and 2021, the economic powerhouse in the South obtained an increase of $100 billion in new income, while the north lost around $60 billion.

Further reports say in the past two years, 2.2 million individuals have moved to the South where they have been attracted by factors such as lower taxes and cheaper housing. To date, the economic powerhouse in the South is home to 10 of the 15 fastest-developing cities in the U.S.

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Negative Changes in the New Economic Powerhouse

Unfortunately, an article in Bloomberg.com states that there are also negatives changes in the South as it became the new economic powerhouse of the U.S. For instance, the gentrification is increasing home prices and ousting long-term residents of the states.

In Nocatee, Florida, the average sales price of a single-family house has increased by 62% in three years. In Charleston, South Carolina, the increasing home prices have evicted several Black residents.

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