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"Boomerang workers" — those who've returned to their home towns to do remote work — rose with the pandemic, but the phenomenon shows signs of sticking around beyond it.
The big picture: Workers typically have to move to where the jobs are, centralizing top talent in big coastal cities. But as COVID drove rapid adoption of remote work, many people who were able to opted to return to their roots to be closer to family, raise kids in familiar settings or simply escape big city life.
What's happening: The boomerang effect isn't limited to any one industry. But tech workers in particular are choosing to leave big tech hubs like San Francisco, Seattle, and New York and moving back to previous stops, or to their own hometown or a spouse’s. That’s jumpstarting tech communities in some mid-sized cities.
For example, a large number of Tampa Bay natives have returned to the area after stints in bigger cities, bringing their contact lists and industry expertise with them.
Of course, plenty of people moved back home for a variety of reasons well before the pandemic hit — but they often had to leave their jobs behind when they did.
“It’s very appealing for people to feel like they’re coming in on the ground floor” of a city’s tech scene, Lakshmi Shenoy, CEO of Embarc Collective. “They get to help build and shape it.”
Yes, but: The remote work option alone isn’t always enough. Shenoy said the biggest question people ask when thinking about moving back to the Tampa Bay Area are:
Between the lines: Part of the boomerang was driven by newly remote workers moving back to be closer to their parents for help with child care. But even among those who saw it as a temporary move, many are opting to stay. And those who can't work remotely are simply looking for local jobs.
In Tulsa, Okla., a program called Tulsa Remote offers people $10,000 to move to the city to work remotely.
The other side: There’s no guarantee for how much of the boomerang will last as cities and offices re-open.
Nintendo is releasing a new Switch with a bigger, better screen on Oct. 8 for $349.99.
Between the lines: A newer Switch model has been expected for months, though fans and insiders originally expected a more powerful machine.
The new console includes a 7-inch OLED screen, 64GB storage, enhanced audio, and a wide adjustable stand.
Meet the newest entry to the #NintendoSwitch family! Nintendo Switch (OLED model) brings the versatility of the Nintendo Switch experience with a vibrant 7-inch OLED screen, a wide adjustable stand, and more. Nintendo Switch (OLED model) releases on 10/8.https://t.co/zRpGxakJDn pic.twitter.com/Tsc55r35ay
— Nintendo of America (@NintendoAmerica) July 6, 2021
Flashback: Although most expected Nintendo to debut the console at E3, no such announcement came as the company focused on upcoming games.
Venture capitalists invested $288 billion in the first half of 2021, an all-time record, per Crunchbase.
By the numbers: Venture capitalists invested $140 billion into U.S.-based startups in the first half of 2021, anall-time record, per Ernst & Young. At that pace, the 2020 total should be surpassed in a matter of days.
All of this feeds on itself. For example, lots of VC exits lead to lots of VC deals, both because of animal spirits and structural reasons like fund recycling provisions.
The past few years have seen a marked decline in the number of people migrating from the U.S. to Mexico, according to a new Pew Research Center report.
Why it matters: Mexico has long been the largest country of origin for immigrants in the U.S. However, there was even more migration from the U.S. to Mexico in the 2000s and early 2010s— a trend that reversed in the years before the pandemic.
By the numbers: Roughly 690,000 people in the U.S. moved to Mexico between 2013 and 2018, according to Pew — down from 1 million people who made that move over the previous five years.
Between the lines: Job losses from the 2008 financial crisis, stricter U.S. immigration enforcement and slowing birth rates in Mexico all may have contributed to more people going to Mexico than the U.S. during the 2000s and early 2010s, according to Pew researchers.
What to watch: The pandemic's impact on migration between the U.S. and Mexico still isn't fully clear.
Yes, but: The vast majority of Mexican families and adults arrested at the border have been kicked back to Mexico under a Trump-era public health order kept in place by President Biden. The policy has likely contributed to the increased number of migrants making multiple attempts to cross the border.