Corporate Relocation Survey 2024

Company growth as a factor on relocation increased 5 points from 2022, making it the number one factor impacting relocation in 2023, reported by 1 in 3 companies. 

Economic conditions were the leading external factor for 1 in 3 companies. During 2023, inflation decreased to 3.5%, and around 2.7 million jobs were created. 
The top four internal factors impacting relocation in 2023 were:
 

• Growth of Company – 33%
• Knowledge/Skills Transfers – 29%
• Employee Ineligibility/Inability to Relocate – 27%
• Increased Production – 27%

2023 saw increases in the impact of several key factors on relocation:
 

• 1 in 3 companies overall (33%) reported company growth, compared to 28% in 2022. 
• 27% reported increased production, compared to 22% in 2022. 
• Around 1 in 4 companies reported corporate reorganization/restructuring compared to 22% in 2022. 

Very little changed in terms of the top five external factors impacting relocation from the end of 2022 to the end of 2023, with top factors impacting relocation changing 1 point or not changing at all. The top five external factors impacting relocation in 2023 were: 
 

• 35% - Economic Conditions
• 27% - Lack of Qualified People Locally/The Great Resignation
• 25% - Political/Regulatory Environment
• 25% - Real Estate Market/Available Housing
• 25% - Supply Chain/Shipping/Transportation Capacity Constraints

Economic conditions were the leading external factor for 1 in 3 companies. During 2023, inflation decreased to 3.5%, and around 2.7 million jobs were created. The U.S. labor force saw a significant increase in workers, with the number of men in the workplace normalizing to pre-pandemic levels and the number of women surge from lows in female workforce participation in 2020. 

The lack of qualified people/the Great Resignation ranks as the second most impactful external factor on relocation for all companies. On paper, the percentage of companies who reported difficulty finding qualified people is at its lowest since the 1990s. Although the job market saw increased participation in 2023, quit rates, skill shortages, and job openings remained as challenges for employers.

Employers should continue to monitor cost of living as a reduction in inflation does not necessarily mirror Consumer Price Indices. For many employees, necessities such as food and shelter are still their main indicator for the health of the economy, which will play into their motivation and ability to relocate. 

Click here to read the full 2023 Atlas® Corporate Relocation Survey

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