Florida wins top economic gains from state movers

June 6, 2019 1:35 pm

Florida wins top economic gains from state movers, says the Bloomberg website.

Around 5 million Americans move states each year, according to Bloomberg analysis of state-to-state moves based on data from the Internal Revenue Service and also the U.S. Census Bureau.

Florida enjoys the top economic gains of 2.86% gains as a percentage of the state’s total adjusted gross income (AGI).

This means Florida attracted $17.2 billion more than it lost.

Why Florida wins top economic gains from state movers

Brad O’Connor, Chief Economist for Florida Realtors, says, “Florida’s powerhouse economy continues to churn out new jobs, retiree migration to Florida is on the rise, and millennials are coming into their prime home-buying years.”

The Sunshine State was the top recipient of the wealth exodus from 18 states. New York, Illinois and New Jersey alone added $8 billion to Florida’s income.

Florida is also one of seven states that collect no income tax.

Bloomberg’s tally also included analysis by absolute net gain and loss of income.

The average gross incomes of people moving to Florida from 10 states and Washington, D.C. exceeded $100,000, with those from Connecticut averaging $253,000. That far outstripped those of Florida natives who migrated to the reciprocal states.

Florida is among several states that leads new business creation as well as attracting big income inflows from migration.

Migration data analysis included AGI flows within all 50 states and Washington, D.C., but excluded moves to and from military bases and U.S. territories such as Puerto Rico and Guam.

Year-to-year moves are based on address changes on individual tax returns, in 2016 vs. 2015. A state’s total adjusted gross income, whenever mentioned, included income from all filers. Outflows by state are based on aggregate data of residents who left the state and inflows are of new residents who moved to the state. AGI data, sourced from the IRS, are as of 2016 and inter-state migration data are from the U.S. Census as of 2017.

Source: https://www.bloomberg.com/news/articles/2019-05-24/migration-s-biggest-loser-is-connecticut-as-florida-profits