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What YGCC is Reading #563
America’s Mobility Freeze Threatens Economic Growth
Image adapted from The Wall Street Journal.
U.S. mobility—both geographic and job-related—has stalled to historic lows, impacting economic dynamism. In 2023, only 7.8% of Americans moved, the lowest since Census records began in 1948, down from 20% in the 1950s–60s. Moves within the same county have fallen 47% over three decades. High mortgage rates, expensive housing, and “golden handcuffs” like low-rate mortgages and stock grants keep people in place. Job-switching has also slowed: the monthly switch probability fell from 2.8% in the late 1990s to 2.3% in the 2020s. Employers now require relocation for just 2–3% of engineering roles, down from 10% in 2022–24. Young graduates face underemployment that can persist for a decade, widening inequality. The immobility affects housing availability, corporate hiring, productivity, and GDP growth. Rising costs, dual-income household constraints, and risk aversion are driving the trend, with both workers and employers limiting flexibility.
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How will reduced job and housing mobility affect innovation in products and services?
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How can relocation incentives be restructured to overcome “golden handcuffs”?
Read more from The Wall Street Journal.