When millions of Americans rethought their living situations during the pandemic, their moves changed the geography of where money is made in the United States. Not only did residents leave the biggest cities, but those who left disproportionately had high incomes, meaning the hit to those local economies was larger than migration numbers alone would imply.
"The scale of urban income flight is a lot larger than I thought it would be," said Connor O'Brien, who conducted the analysis at EIG, a Washington-based think tank.