are the largest generation yet: 80 million in the U.S., 2.5 billion worldwide (for comparison, U.S. Baby Boomers number 76.4 million and GenXers number 41 million). They are also the most ethnically and racially diverse generation, grew up alongside technology, and dominate social networks. Millennials are projected to make up 50 percent of our nation's workforce by 2020 (75 percent by 2030); as workers, they aspire to make a difference and are achievement oriented, which sometimes means shaking up the status quo. As Melissa Houston, Associate Director for Strategy at the University of Alaska Center for Economic Development says, “My peers will continue to push outside the confines of the modern workplace to build its potential and endeavor to craft it into an environment in which we can thrive, just like the generations before us have done.”
2. Entrepreneurial Job Creators.
Ever heard of Pinterest, Instragram, Tinder, Airbnb, Eventbrite, Y Combinator, Stripe, SnapChat, Dropbox, Tumblr, or a little thing called Facebook? Some of the most popular, disruptive, and innovative technology today, all founded by people younger than 35. Dubbed by Forbes as the "True Entrepreneur Generation,” millennials are changing the way we work, date, shop, communicate, and even vacation. Considering that 54 percent of millennials want to start (or have already started) a business and that new businesses account for nearly all net new job creation and nearly 20 percent of gross job creation, attracting this generation is good for state and local economies.
3. Community Investment.
Millennials drive growth; the oldest members are in their early to mid thirties, prime time for putting down roots and investing in their cities. They are looking for a permanent place to raise their families, enter the next phase of their careers, and become community leaders. The generation is so attractive that cities like Columbus, Philadelphia, and Detroit have launched marketing campaigns targeting mobile millennials.
Millennials matter. Attracting more of them would be good for Anchorage. But is Anchorage good for them?
Yes.
Emphatically YES.