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JLL analysis shows that finance jobs are increasingly being filled outside of Wall Street.
According to the data, 51% of all finance-related positions were filled in Atlanta, Austin, Charlotte, Dallas, Indianapolis, Miami, Nashville, Orlando, and Tampa last year.
The pandemic has seemingly accelerated the shift of both companies and employees to secondary markets. In fact, Austin and Dallas saw over 6% growth in the financial services industry last year.
“The drive to find talent is the big challenge,” said Sanjay Rishi, head of works business at JLL Americas. “They have to source it from not just the traditional cities they have sourced from, but also these tech cities like Austin.”
Companies are finding solace in regions like Texas thanks to their tax-friendly nature, particularly compared to areas like California that have both a high cost of living and taxes.
While recruitment and operations are shifting, policies are also being impacted by moving to Republican-led states.
For instance, several companies like Citigroup recently announced that they would cover the travel costs for employees seeking an abortion as the procedure become increasingly restricted across southern states.
