People are moving from politically blue States to politically red ones, and they’re taking their money with them.
Four states have lost population since 2010 including West Virginia (-3.3%), Illinois (-1.2%), Vermont (-0.3%) and Connecticut (-0.2%), but 10 experienced declines last year. New York was the biggest loser as a net 180,000 people left for better climes. Over the last decade New York has lost more of its population to other states (7.2%) than any other save Alaska (8%), followed by Illinois (6.8%), Connecticut (5.6%) and New Jersey (5.5%).
[Illinois] lost $5.6 billion in adjusted gross income last year to other states, about twice as much as in 2012.
In the last two years New York has lost a net $18 billion in adjusted gross income.
Last year California lost $8 billion in adjusted gross income to other states, up from about $135 million in 2012.
Where are high-tax state exiles going? Zero income tax Florida drew $16.5 billion in adjusted gross income last year. Many have also fled to Arizona ($3.5 billion), Texas ($3.5 billion), North Carolina ($3 billion), Nevada ($2.3 billion), Colorado ($2.1 billion), Washington ($1.7 billion) and Idaho ($1.1 billion).
Just so long as those transplants don’t bring with them the same foolish politics that generated the economic failures of the States they’re leaving.