There's been a clear movement of people and companies from the North and Midwest to the South, as CRE professionals have been aware. The trend has been strengthening for years, even before the pandemic. And now there's evidence that beyond people and companies, money has significantly moved with them, creating a shift in balance.
Economic activity in the Northeast — which includes Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, and Vermont, according to the Census Bureau — had long been the biggest contributor to GDP. But that's changing, as Bloomberg noted.
In the past, the Northeast has put more into the economy than the collected southern states of Florida, Texas, Georgia, North Carolina, South Carolina, and Tennessee. That's been shifting since long before the pandemic.
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