Florida Claims Top Spot in U.S. for Population Migration, Emerges as Primary Destination for New YorkersNovember 24, 2023
For the second consecutive year, Florida has secured the top position for positive net migration among U.S. states, welcoming over 249,000 new residents in 2022, according to recent data from the U.S. Census Bureau.
Florida’s economic surge during and post-pandemic is evident as more high-income households chose the state to evade state income taxes and relish better weather. The influx of affluent individuals and businesses, particularly from states like New York and California, has propelled Florida to the forefront of the “great wealth migration” trend. Notably, Florida experienced a staggering $39.2 billion in wealth inflow post-pandemic, equivalent to an impressive $4.48 million per hour.
Leading the charge in income influx were Miami-Dade and Palm Beach counties, reporting $7.4 billion and $7.2 billion, respectively.
In stark contrast, New York found itself in the second spot for negative net migration in 2022, with more residents leaving the state than relocating there, as U.S. Census Bureau data revealed. The state struggled to bolster its population, marking a net migration of -244,137 between 2021 and 2022, with over 545,000 residents departing and just over 301,000 settling in.
California, with a net migration of -341,866, was the only state with a lower net migration rate than New York, as indicated by the Census data collected through its annual American Community Survey.
A noteworthy trend emerged as the Sunshine State became the preferred destination for New Yorkers seeking a change. Over 90,000 residents relocated from New York to Florida in 2022, resulting in a substantial net gain of nearly 70,000 individuals for Florida. The overall negative net migration from New York extended to 35 states, emphasizing the state’s ongoing challenge in retaining its population.
This recurrent pattern of negative net migration adds weight to concerns about New York’s competitiveness in terms of its business climate, tax rates, and the less favorable aspects of its environment. The decline in population, particularly among working-age residents, further strains the state’s already tight labor pool. Notably, 32 out of the 50 states experienced positive net migration during the period in review.