The cost of living is driving upward compensation trends. This is a line you are probably expecting to see about China or India and that might still be true but I’m talking about the South and Southeast. According to the 2008 Executive Job Market Intelligence Report the South and Southeast rank #1 as the place where senior level job growth is most happening. The West was next followed by the Southwest. The Northeast and New England placed fifth. And the reason given for the first place rank and the fifth place rank is the cost of labor.
The South and Southeast are not traditional wealth centers. Agriculture and textiles are two economical basics of the area. However, industries like industrial manufacturing, finance, and biotech are now making inroads into the area and their influence creates waves. These waves result in the need for executive management.
The Northeast and New England area are traditional wealth centers. The cost of land reflects the compensation levels associated with the area. The industries of the area are many, but the service industry is king.
So I guess it just depends on where you want your opportunity to reside – in a place where the path isn’t established so new solutions are required or a place where capital and a known path of success are determined?