Thread by @InnovateEconomy

#NEW: The first economic impact analysis of the largest remote worker incentive program, @tulsaremote.

The ​​first cohort of members will contribute $62 mil. in new local earnings in 2021—a near-14x return for each $1 spent on the incentive 🧵⬇️
eig.org/tulsa-remote

.@tulsaremote offers $10K to eligible remote workers who move to Tulsa to live and work for at least one year.
- Over 1,200 will have moved to the city by year’s end
- Avg. income of program members = $104,600
- 88% of program members have at least a bachelor’s degree

EIG's analysis found that Tulsa Remote is already generating observable impacts on the local economy:
- For every $1 spent toward relocating a remote worker, there was a $13.77 boost in new local earnings
- Approx. 1 new job was created for every 2 remote workers who relocated

If Tulsa Remote succeeds with its expansion plans, it has the potential to add approximately $500 million in new local earnings and support upwards of 5,000 jobs by 2025.

Lessons from Tulsa Remote and the local challenges it addresses—such as slow population growth, difficulty attracting + retaining skilled workers, and lagging growth in knowledge economy jobs—hold the potential to help peer #cities facing similar barriers to economic growth.

Of course, not all programs are created equal. Remote worker incentives are no panacea. Even in Tulsa, open questions remain around retention and whether remoters will catalyze something bigger. But the early returns suggest the experiment may be paying off.

Read EIG's report, which explores how these types of initiatives can play a role in local economic development strategies and help level the playing field in the national competition for talent. eig.org/tulsa-remote