Quote:
Originally Posted by Pedestrian
Of course it's wealthier now than it used to be, but it is not wealthier by comparison to other places as it used to be. There are wealthy, high skilled immigrants--as in Silicon Valley--and there are low skill immigrants--as in the Central Valley--and the DC suburbs have both but many of the latter which they never used to have.
No, I don't know that "immigrants and wealth are highly correlated". See Fresno. Again, it depends on the skill level of the particular folks but in recent years low skilled immigration in the US has swamped high skill immigration.
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You're wrong, actually.
Millionaires per metro area, top 10
2007
NYC 650,000
Los Angeles 253,000
DC 151,000
San Francisco 142,000
Houston 86,000
San Jose 80,000
2016
NYC 800,000
Los Angeles 288,000
DC 190,000
San Francisco 174,000
Houston 111,000
San Jose 107,000
Dallas 94,000
https://www.worldwealthreport.com/uswr
https://www.capgemini.com/sites/defa..._US_Cities.pdf
NYC has added a massive 150,000 millionaires from 2007 to 2016 while Houston's millionaire population has grown by 25k or so. The wealth gap between cities like NYC, SF, DC versus sunbelt cities like Houston is larger than ever even though sunbelt cities like Houston beat those cities in population growth every year multiple times over. In other words - Houston was closer to NYC in wealth a decade ago than it is now...
And keep in mind that Houston is actually an economic powerhouse and the true star of the sunbelt. If Houston is falling farther behind slow growth cities like NY, DC, SF in wealth, the numbers must be dire for the smaller sunbelt cities. Phoenix, Atlanta etc are too poor to make the list even though they are some of the biggest metro areas in the country. This firm only ranks the top 10.
And what do you know...this study backs that up:
Quote:
Why the Economic Fates of America’s Cities Diverged
The Atlanta metro area is a notable example of a “thriving” place where per capita income has nonetheless fallen farther and farther behind that of cities like Washington, New York, and San Francisco. So is metro Houston. Per-capita income in metro Houston was 1 percent above metro New York’s in 1980. But despite the so-called “Texas miracle,” Houston’s per-capita income fell to 15 percent below New York’s by 2011 and even at the height of the oil boom in 2013 remained at 12 percent below.
https://www.theatlantic.com/business...iverge/417372/
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So Crawford was right.