You can find the best value by outsourcing to areas like Eastern Europe, South America and South East Asia, which all have a low cost of living and large supply of technical talent. Companies in the US like to work with firms in South America because they are in the same time zone. Companies in Europe prefer working with outsourcers in Eastern Europe or South East Asia also because of proximity.

If you have the right selection process you can find great value in any of these three main geographies as they all have high quality talent. The key though is to be careful when assessing quality as within each geography you will find a wide distribution of talent so if you pick at random or if you optimize purely on price you will probably not find the right person. Usually its best to look for a highly talented person and focus on quality first.