Five States Lose Nearly $23 Billion From Florida Migration
There have been numerous news reports in recent years chronicling the decision of Americans from across the United States — and from Democratic-led states in particular — to move to Florida.
Other GOP-led states have also received a significant influx of out-of-state transplants, but the Sunshine State has truly exemplified the trend.
Last year alone, Florida experienced a net migration increase of 318,885 residents, resulting in a population boost of just under 2%. That total was nearly 80,000 more than Texas, which came in second — followed by North and South Carolina, respectively.
While attracting new residents is a tell-tale sign of a healthy economy, the Florida Chamber of Commerce sought to put a dollar figure onto its recent population boom. As it turns out, many high-income Americans who apparently became disillusioned with the tax rates in their home states decided to park their money in a state with no personal income tax.
Combined with policies like reduced regulation, limited COVID-19 restrictions, and laws that emphasize parental rights, Florida became a welcoming refuge for many individuals and families. According to the chamber’s 2023 Business & Economic Midyear Report, that migration has taken an economic toll on the states that these Americans left behind.
New York was the biggest loser, according to data compiled between July 2021 and June 2022, shedding a staggering $9.8 billion in income due to the exodus of high earners. Illinois came in second with $3.9 billion in lost income and New Jersey was a very close third.
California and Pennsylvania rounded out the top five, losing a respective $3.5 billion and $1.9 billion in income during the same period.
One common characteristic among all five states is Democratic Party leadership with few, if any, influential Republicans holding statewide office.
Backlash to leftist policies has been building across the nation for many years, but most Democratic leaders have responded by doubling down on their unpopular, controversial, and often failed agenda. Now that these states are now losing billions of dollars a year due to the exit of high-income residents, it remains to be seen whether elected officials will begin to rethink their approach to politics.
Meanwhile, Republican Florida Gov. Ron DeSantis is more than happy to welcome residents fleeing those far-left enclaves.
Speaking in California earlier this year, he said of his home state: “We have had a great experiment, a great test in governance philosophies. The American people … have voted with their feet. And if you look over the last four years, we’ve witnessed a great American exodus from states governed by leftist politicians imposing leftist ideology and delivering poor results.”
