From Cities to Suburbs: The Economic Developers’ Guide to Attracting & Retaining Millennial Talent

Economic developers have a strong incentive to attract and retain millennial talent in their areas. Millennials, born between 1981 and 1996, now make up the largest portion of the workforce. As digital natives, millennials are highly skilled in leveraging technology and adapting to new innovations. Getting this tech-savvy generation on board is crucial for businesses to remain competitive and drive overall economic growth. A region's ability to cultivate a millennial-friendly environment and provide the career growth, flexibility, and sense of purpose this generation desires can be a key competitive advantage in attracting investment and driving long-term prosperity.

After decades of Millennial preference towards cities and large metro regions, it appears the pendulum is swinging away from urban-focused migration. In an unexpected twist, small towns are becoming the new frontier for millennial professionals. Largely driven by desire for better quality of life, rising housing costs and lack of larger family-sized units in cities, millennials are increasingly opting to move to smaller cities and suburban areas located farther from city centers. The Harvard Joint Center for Housing Studies found that much of this "millennial suburbanization" trend is driven by the rising costs of city living and the need for more affordable and spacious housing to accommodate starting families. While millennials previously contributed to an "urban revival" by moving to cities in the 2000s and early 2010s, their housing needs have shifted as they reach later stages of life.

But this time, it's not just about the idyllic white picket fences and apple pie. It's about reinvention, innovation, and – dare we say it – avocado toast. Below, we explore several ways to attract and retain millennial talent to one’s region. By understanding Millennial values, behaviors and preferences, economic developers can position their regions as attractive destinations for top millennial talent.

Work-Life Balance: The New Status Symbol

Forget corner offices and 80-hour workweeks. Today's hot commodity is time. Non-urban areas are pitching the dream of actually leaving work at a reasonable hour and better work-life balance. It's a radical but appealing concept for city dwellers accustomed to treating 60-hour workweeks like a competitive sport. Smart towns are highlighting their shorter commute times, affordable living, and laid-back lifestyles. They're partnering with local businesses to offer flexible work arrangements and remote opportunities, proving that you can have a career – and a life – simultaneously.

Purpose, Not Just Paychecks

Millennials want to change the world and work for companies with a mission they align with. Smart towns are showcasing local businesses with ethics that extend beyond the bottom line. It's capitalism with a conscience, and many young professionals are all about it. Towns are also promoting opportunities for community involvement and volunteering, allowing millennials to make a tangible impact.

Techy Towns

Forward-thinking small towns are investing in high-speed wifi and broadband like it's the railroad of the 21st century. Co-working spaces are rapidly popping up, with many towns creating rural economic development zones, offering grants for remote workers, and turning main streets into hubs of digital innovation. Offering workshops on coding and other tech skills can also help economic developers satisfy the future-forward professional development cravings of their millennial constituents.

Main Street is The Hot Street

The trick is a delicate balance of Norman Rockwell charm and Brooklyn-esque cool. From craft breweries and artisanal coffee shops to farm-to-table restaurants, millennials are seeking unique, homegrown experiences that give them a taste of community and allow them to patron local businesses. Meanwhile, downtowns are the new “place to be”. Economic developers are offering incentives for businesses to set up shop downtown, curating a mix of quirky cafes, local boutiques, community spaces and cultural spots for gathering and enjoying.

Health & Wellness Buffs

As a generation that subscribes to the importance of fitness, nature and healthy eating, millennials are on the lookout for health-conscious opportunities in the places they choose to call home. Gyms, farmers markets, spots to grab a healthy bite, natural spaces and outdoor activities are all boons to catch the interest of millennials.

As big cities grapple with skyrocketing costs of living and burnout culture, smaller regions are positioning themselves as the future of work and life. They're offering a blueprint for sustainable, community-oriented living that's resonating with a generation known for valuing experiences over things. By nurturing and highlighting these key areas, economic developers can create an environment that appeals to and retains millennial talent, whether in urban or non-urban regions.