According to a report in the Wall Street Journal, Republican-run states are faring far better than Democrat-run states in the post-pandemic economy; WSJ says the pandemic changed the geography of the economy.
From The Wall Street Journal…
By many measures, red states—those that lean Republican—have recovered faster economically than Democratic-leaning blue ones, with workers and employers moving from the coasts to the middle of the country and Florida.
Since February 2020, the month before the pandemic began, the share of all U.S. jobs located in red states has grown by more than half a percentage point, according to an analysis of Labor Department data by the Brookings Institution think tank. Red states have added 341,000 jobs over that time, while blue states were still short 1.3 million jobs as of May.
Several major companies have recently announced moves of their headquarters from blue to red states. Hedge-fund company Citadel said recently it would move its headquarters from Chicago to Miami, and Caterpillar Inc. plans to move from Illinois to Texas.
Analysts who have studied the migration attributed much of it to the pandemic’s severing of the link between geography and the workplace. Remote work allowed many workers to move to red states, not because of political preferences, but for financial and lifestyle reasons—cheaper housing, better weather, less traffic and lower taxes, the analysts said.
Read the full article over at The Wall Street Journal:
By many measures, the economies of red states have bounced back from the pandemic faster than blue ones. Migration patterns help explain why. https://t.co/g4SY3zsyv5
— The Wall Street Journal (@WSJ) July 5, 2022