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.
- Distracted walking injuries end up not so funny
- Scary situations: 5 quick tips before you let a contractor in your home
- Four ways telemedicine is changing the health care industry
- 5 mistakes homeowners make in the spring
- Three rivers run through it: Exploring Arizona's waterways
- Smart home basics: things you need to know to get started
- 5 Surprising things causing back pain
- Arizona agriculture is a $17.1B industry
- Timeline: Arizona's roots in brewing history
- 5 reasons to love the D-backs this season
- Tips for taking your home entertainment experience to the backyard
- Tech-related injuries your parents never experienced
- Workers comp: Signs your co-worker could be a fraud
- Who's the real founder of America's pastime?
- Epidemic rising? What you need to know about Alzheimer's in Arizona
- 5 unforgettable Wooden Award winners
- Family and hard work are keys to success of modern dairy farmers
- Genetic testing could hold answers for colon cancer survival
- Cold beers and baseball: A beer lover's guide to Spring Training
- Telecommuting: 5 tips to make it work for employers and employees
- See how top CFOs feel about economic growth in the Valley
- Migraine myths that keep patients from effective treatments
- Here’s why Gaydos went tankless with his water heater
- Bocce ball and basketball: How you can help Arizona's Special Olympics athletes
- Tips on building the best wine room in Arizona
- Avoid the nightmare: 6 tips to choose a great contractor
- Breast cancer: Improved testing and treatments means more survivors
- Failed back surgery: New hope for patients living in pain
- Ticking time bombs: Telltale signs your water heater is about to explode
- Reading glasses could be a thing of the past