For the second consecutive year, Florida led the United States in population migration, witnessing a significant influx from New York among other regions. In 2022, over 249,000 individuals moved to Florida, attracted by its favorable climate, absence of state income taxes, and flourishing economy. This movement, particularly from high-income households and businesses from states like New York and California, has been dubbed the "great wealth migration," positioning Florida as a central hub for this trend.
The Sunshine State experienced an extraordinary wealth inflow post-pandemic, amounting to $39.2 billion, which breaks down to an impressive $4.48 million every hour. Miami-Dade and Palm Beach counties emerged as the top destinations, receiving $7.4 billion and $7.2 billion in income inflow, respectively.
Meanwhile, New York faced a contrasting scenario, ranking second in the U.S. for negative net migration, as per the U.S. Census Bureau data. The state saw a net migration loss of -244,137 between 2021 and 2022, with over half a million residents relocating and only about 301,000 moving in. California recorded an even lower net migration rate. Significantly, Florida, now the third-most populous U.S. state, was the primary choice for over 90,000 New Yorkers relocating in 2022, with a net gain of nearly 70,000 New Yorkers.
This trend of negative net migration raises concerns about New York's ability to compete in terms of business climate, tax rates, and general living conditions, particularly its harsh winters. The departure of working-age residents exacerbates the state's already strained labor market.
Overall, 32 out of 50 states in the U.S. experienced positive net migration, highlighting a shifting demographic landscape across the country.
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