Chief Economist John Norris spoke with A.J. O’Leary, Banking and Legal Reporter, Birmingham Business Journal about the cost of living rising across the United States, especially in the Southeast. He was quoted to say:
Shelter makes up roughly 32.7% of the Consumer Price Index. Since the differential between national shelter prices (0.5%) and the Southeast (0.7%), housing prices are fueling an additional 0.1% to the overall CPI in our section of the country.
By opening up our economies sooner and more completely than elsewhere, many states in the South have been able to enjoy protracted economic growth. This has led to an increase in population, business investment and movement of corporate headquarters from less business-friendly states”
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