Delocation: The Slow Burn of Cash Forces N.Y. Companies to seek Alternate Locations

St Pete EDC | 4/15/2019 | Staff
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ST. PETERSBURG, Fla. (April 15, 2019)— Money talks — and walks. According to recent data from the US Census Bureau, businesses and residents are exiting New York in droves, as the state lost more of its population than it gained between July 2017- July 2018. The Empire State lost 180,306 people— the biggest decrease of any U.S. state, with Massachusetts, New Hampshire, New Jersey, and Delaware not far behind.

Even more, of the 25 cities that millennials are moving to, not a single one is in the Northeast, according to data on migration patterns from SmartAsset. With increasing tax burdens, skyrocketing housing costs, and brutal winter months, business owners and job seekers are saying enough is enough and migrating to more affordable, business-friendly environments.

Study - LendingTree - State - People - Florida

According to a study from LendingTree, the top state people are moving to is Florida.

In February 2019, Founder & CEO of Dynasty Financial Partners Shirl Penney announced the relocation of his company's headquarters from Manhattan to St. Petersburg.

Delta - Savings - Employees - Company - Terms

"The delta in savings for our employees and company in terms of real estate (both residential and commercial), talent, taxes, and overall cost of living were all important items on our evaluation list," Penney said.

"For a business that is growing quickly like us, being able to add operating margin by lowering expenses while also enhancing the quality of life for our employees is a win-win for everyone. And as a kicker, the sunshine was free!"

Review - New - York - Department - Labor

A recent review of the New York Department of Labor WARN notices shows several New York companies joining Dynasty and the 'delocation' trend, moving jobs and families south.

AT&T Services is moving one of its call centers from Syracuse to Orange Park, Fla. A total of 155 layoffs are planned for mid-April.

IQor - Provider - Customer - Contact - Solutions

Not so recently, iQor, the global provider of customer contact solutions and product support services, relocated...
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