For the second consecutive year, Florida maintained its lead as the top destination for population migration in the United States, with a notable influx from various regions, particularly New York. In 2022, a staggering 249,000 individuals chose to relocate to the Sunshine State, drawn by its favorable climate, lack of state income taxes, and thriving economy. This significant movement, often referred to as the "great wealth migration," showcased Florida as a central hub for individuals and businesses, especially from high-income households in states like New York and California.
Post-pandemic, Florida experienced an unprecedented inflow of wealth, totaling $39.2 billion, equivalent to an impressive $4.48 million every hour. Miami-Dade and Palm Beach counties emerged as the prime destinations, attracting $7.4 billion and $7.2 billion in income, respectively.
In contrast, New York faced a starkly different scenario, ranking second in the nation for negative net migration according to data from the U.S. Census Bureau. The state witnessed a net migration loss of -244,137 between 2021 and 2022, as over half a million residents relocated outwards while only approximately 301,000 moved in. California experienced an even lower net migration rate. Notably, Florida, now the third-most populous U.S. state, stood out as the preferred choice for more than 90,000 New Yorkers relocating in 2022, resulting in a net gain of nearly 70,000 residents.
This trend of negative net migration raises concerns about New York's competitiveness in terms of business climate, tax rates, and overall living conditions, particularly during its harsh winters. The departure of working-age residents further strains the state's labor market, compounding existing challenges.
Overall, the demographic landscape in the United States is undergoing a significant shift, with 32 out of 50 states experiencing positive net migration, highlighting the dynamic nature of population movements across the country.