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Microsoft co-founder Bill Gates once observed that his company’s biggest competitor wasn’t another tech giant, but Goldman Sachs. His point? Business success hinges on the quality of its workforce. This perspective is particularly relevant when considering the challenges faced by small U.S. towns and rural communities.
These communities grapple with the ongoing migration of talented youth to larger cities. The question is, how can these areas thrive and grow economically when their most promising individuals seek opportunities elsewhere?
The answer, to understand the future of rural America, lies in the ongoing Artificial Intelligence (AI) revolution. It’s not a stretch to predict that the most significant economic benefits of AI will be felt in the communities furthest from major tech hubs like Silicon Valley.
Major tech companies are investing heavily in AI. Amazon plans to invest $100 billion this year alone in AI and related technologies, with Google and Microsoft allocating $75 billion and $80 billion, respectively. This level of investment will reshape the economy and will arguably have the most profound impact on less populated areas of the US.
AI leaders predict that a substantial number of current jobs will be automated. Considering this, and returning to Gates’s observation about the vital importance of human capital, we can see how AI could provide a solution for rural communities.
Historically, these towns have faced economic hardship due to the out-migration of their most skilled young residents. The AI revolution has the potential to reverse this trend, albeit through automation. Politicians often talk about “bringing back jobs” to boost economic growth, but this approach often overlooks the need for innovation and progress.
AI promises the mechanization of crucial tasks in ways that will boost the economy. While major cities have long attracted the best workers from smaller towns, advancements in AI will effectively return some of the lost talent to these overlooked locations.
For business owners and entrepreneurs outside major cities, this means having access to the equivalent of a vastly expanded workforce capable of working around the clock. Businesses previously constrained by a lack of skilled workers will soon be able to produce more resources with less labor.
Rural hospitals, facing potential extinction, are another area poised for revitalization through AI. Administrative and physical functions can be streamlined through technological advancements, often at significantly reduced costs.
Technological progress, rather than displacing workers, creates new possibilities. Those wary of technology may view Silicon Valley as distant and elite, but the broad impact of advancements in that area is undeniable. AI will further amplify this impact, particularly in the “forgotten” parts of the U.S.
