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Innovation is at the heart of any global market. Creating improved products, processes and technology is essential for any international player, and we have seen this innovation time and again in the primary American real estate markets. But as these markets become saturated and overheated, new markets are emerging—some on the outer rings of primary markets and others not as close in.

One factor that has caused many of these markets to emerge is job growth, but not just any job growth. Amy Liu, VP and director of the Metropolitan Policy Program, recently wrote in her blog for the Brookings Institute that relentlessly chasing jobs can be costly; instead, it's better for taxpayer dollars to be spent on strategic investments in public goods like research, training and infrastructure that support innovative firms creating good-paying jobs. “Only by boosting household incomes can regions stoke demand for local-serving industries like restaurants and retail, and create new jobs associated with them,” Liu wrote.