Small Business Center
As the work-from-home trend becomes a more permanent feature of the U.S. labor market, the geographic impact is starting to show, a trend that could affect foot traffic to small businesses and reduce the size of the labor pool in urban cores. Despite rising residential real estate prices nationwide, prices dropped in key New York and San Francisco ZIP codes in 2021. A Nov. 21 survey by Upwork found that nearly 19 million U.S. adults plan to move, a 50% increase from Upwork’s 2020 findings. Of these respondents, about 40% plan to move at least two to four hours away. Still, because plans aren’t reality, remote work’s effects in spreading new economic activity across the U.S. and “away from superstar cities” may have less impact than some forecasters predict.