PHOENIX — A new survey by Forbes magazine said the Phoenix area leads the list of cities that are taking financial jobs away from Wall Street.
The number of financial jobs in Phoenix jumped over 7 percent last year and over 12 percent since 2008.
Joel Kotkin conducted the study for Forbes. He said that because of the Internet, companies and financial workers no longer have to remain in New York, Boston, San Francisco or other financial bastions. He said that they can now move to cities with more sun — and lower costs.
Phoenix has the advantage of having both.
“My $150,000-a-year salary in Phoenix buys me an upper-middle class lifestyle,” said Kotkin. “In New York, it basically puts me next to the homeless guy by Grand Central Station.”
Kotkin thinks the trend of more financial workers moving to Phoenix will continue, but that the Valley needs to attract more high-end jobs.
“You don’t want to just be customer service,” Kotkin said. “That’s great to have those jobs, but can you do more sophisticated functions?”
According to Forbes, San Antonio, Tex., Austin, Tex. and Nashville, Tenn., are other cities that are luring financial jobs away from New York.
- Sunscreen facts that could save your life
- 6 energy saving hacks for your home
- 5 tips for choosing a company to end your timeshare
- Water tips to save money, help save the Earth
- 5 of the most adored gentlemen in professional sports today
- The real danger of sitting at your desk
- Most surprising NBA playoff performances of the last 40 years
- 11 classic baseball movies you must see again
- Finally getting rid of fat: 3 methods that actually work
- 4 reasons cancer survivors should focus on food
- 5 spring cleaning spots everyone forgets
- 5 reasons to look forward to watching the D-backs this season
- Common virus attributed to spike in head and neck cancers
- 5 signs it’s time to end your timeshare ownership
- 3 most overlooked ways to keep your home healthy
- 6 ways the air in your home could be making you sick
- CrossFit dangers: 5 common injuries and how to deal with them
- Today's radiation treatments offer better success, fewer side effects
- Tips to make watching TV on the patio even better
- What really happens when you donate to a community college?
- Sun and skin cancer: Separating fact from fiction
- 5 critical lifestyle changes for a healthy colon
- What you need to know about Alzheimer's disease in Arizona
- Spring clean your windows like a pro with these 8 tips
- 7 films that should have won best-picture Oscars
- New plumbing technology saves money and improves your home
- Survey shows Arizona CFOs optimistic about 2016
- How chronic pain can affect your love life
- 5 potential warning signs about your child's development