From Cities to Suburbs: The Economic Developers’ Guide to Attracting & Retaining Millennial Talent
July 29, 2024
Economic developers have a strong incentive to attract and retain millennial talent in their areas. Millennials, born between 1981 and 1996, now make up the largest portion of the workforce. As digital natives, millennials are highly skilled in leveraging technology and adapting to new innovations. Getting this tech-savvy generation on board is crucial for businesses to remain competitive and drive overall economic growth. A region's ability to cultivate a millennial-friendly environment and provide the career growth, flexibility, and sense of purpose this generation desires can be a key competitive advantage in attracting investment and driving long-term prosperity.
After decades of Millennial preference towards cities and large metro regions, it appears the pendulum is swinging away from urban-focused migration. In an unexpected twist, small towns are becoming the new frontier for millennial professionals. Largely driven by desire for better quality of life, rising housing costs and lack of larger family-sized units in cities, millennials are increasingly opting to move to smaller cities and suburban areas located farther from city centers. The Harvard Joint Center for Housing Studies found that much of this "millennial suburbanization" trend is driven by the rising costs of city living and the need for more affordable and spacious housing to accommodate starting families. While millennials previously contributed to an "urban revival" by moving to cities in the 2000s and early 2010s, their housing needs have shifted as they reach later stages of life.