In our experience, it depends on the industry, the size of the company, and the strength of the college program. When my D was looking at schools, my H (who does a lot of hiring in her field) told her to consider the region where she wanted to live. Turned out not to matter for her at all and the company that hired her has sent her all over the country for her rotations.
The one bonus for a company hiring locally is not having to pay for any relocation or worry that the new hire is going to hate the area and leave. The bonus to the employee is already being established and having a community if they stay in the area.
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