What was urban flight

Listen to the podcast at the top of this page. Many downtown businesses have boarded up this year, unable to survive the financial losses that have come with lockdowns, less foot traffic and fewer customers. Urbanites have left because of job loss, or because they can work remotely and chose to ride out the pandemic with family or take advantage of cheaper rents in the suburbs. And a small contingent has left because they can; some wealthy families have temporarily relocated to their second homes.

Handbury said a small percentage of those who left cities will not return, and the pandemic likely pushed them into a decision about moving that was in the works for some time. But once the pandemic is over, she noted, new businesses will open up and replace the ones that closed.

Instead, leaders should take action on a case-by-case basis and give employees a chance to share their preferences. After all, happy, healthy employees make for better business. Suburban and rural areas are now in play, but with one crucial caveat. The need is so great that the FCC recently awarded billions of dollars to broadband providers to expand internet access for millions of Americans who still lack it.

Remote work is only as successful as the underlying infrastructure that supports it. But it does need to ground business leaders when they consider granting remote work requests, opening new offices, or even moving headquarters. Connectivity is everything, and leaders that fail to recognize this may handicap their employees before they even get started. As employees move away from urban headquarters to work in more cost-friendly suburban or rural locations, businesses face tough questions around relocation compensation.

For example, Facebook was quick to announce its acceptance of remote work , even saying that as many as half of their employees would be remote in the next 10 years. But the company also made it clear that pay would be tied to location, meaning that workers moving from their Silicon Valley offices to, say, Boise, Idaho, could expect to shed some dollars.

There are merits to both sides. He pointed to recent earnings reports by retailers that soared past Wall Street expectations, citing de-urbanization as one of the causes. And more than half said they expect to work from home into Even a small increase in moves could translate to a significant uptick in home improvement spending, Fadem said in the note.

He estimated there are about 73 million single-family households and about 8 million multifamily households across the country. Some retailers have predicted sustained growth, too.

Home Depot CEO Craig Menear said on the company's second-quarter earnings call that consumers may keep up DIY projects well into the future as they get comfortable making repairs around the house or tackling projects like painting. Plus, he said, people are spending more time at home, which leads to wear and tear or appliances that must be replaced.