Relocating: Untapped Revenue in Destination Economic Development
June 4, 2018
Are you sitting on a gold mine?
Economic Development. You may have heard that your competition is doing it, or maybe you’ve done it before, but it wasn’t very successful. You may be sitting on an untouched gold mine of previously ignored revenue.
Job Seekers Willing to Relocate
Higher pay, check. Great benefits, check.
Fantastic nightlife, entertainment, and dining? Check, check, check.
People are always dreaming of the perfect job, but don’t always consider that the perfect job could be in a different city—or even a different state. It can be a challenge switch professional’s focus and encourage them to consider jobs outside their city and/or state.
84 percent of Millennials are willing to relocate for a job
Professionals want to live somewhere they can have fun and relax during the weekend. Somewhere they’ll be happy to call home. Salary and benefits are a huge draw to a job, but moving over a long distance can often be a leap of faith. Professionals want to know that they’re moving for a good reason.
Build it, And They Will Come
According to a new survey of workers aged 18-35 by Wakefield Research for Graebel, 84 percent of Millennials are willing to relocate for a job. You just need to reach these job seekers in a way that inspires them to uproot and move to your destination. A report by Realtor.com notes that Pittsburgh is doing just that. Pittsburgh is currently one of the top cities millennials are loving to relocate to. Those who live in the city compare it to Portland. Pittsburgh has low housing costs, a thriving nightlife, and a revitalized waterfront, all elements that encourage millennials to come to the city and to stay.
We’ve found that showing off the top quality-of-life reasons to live in a destination is the best way to target professionals looking for a job and influence them as they consider moving. More and more job seekers are considering a place they love to move to first, and then finding a job in it.
Remember in early 2018 when Amazon announced they were looking for a new city to open up their 2nd headquarters and everyone was throwing their hat into the ring? Amazon estimated that the winner would get up to $5 billion in investment and would mean an additional 50,000 high-paying jobs for the area. It’s a major revenue generating game-changer for any city and destination. Not only does it mean a boost for your economy, also creates destination awareness with every article, press release, or media mention of the move.
Most Economic Development campaigns focus on targeting much smaller companies than Amazon to relocate. While you may not see the exact ROI that Amazon quoted, the impact to your economy and the people who live in your destination will still be substantial.