Strome Business Minute With Dr. Jeff Tanner

I’m Jeff Tanner, Dean of the Strome College of Business at Old Dominion University and this is a Strome Business Minute. Companies used to locate by natural resources – like steel companies near iron ore and coal mines. Now they locate where the workforce is. The Brookings Institute reports that 90 percent of all new STEM jobs were added in Boston, San Francisco, San Jose, Seattle, and San Diego, places already high in STEM workers. Their job growth constrains housing supply causing prices to rise. Infrastructure, like roads and utilities, can’t keep up either. Furthermore, these jobs that command high salaries, pricing smaller companies ut of the market for labor. You’d expect jobs to move to lower cost areas, but most of that is to offshore tech hubs. While secondary hubs can develop around strong STEM universities like ODU, it’s a long process requiring strong regional cooperation. To find out more, visit odu.edu/business. This Strome Business Minute is presented by the Strome College of Business at Old Do