A report by Florida Chamber of Commerce shows the Sunshine State has seen a significant net income migration boost from blue states.
In particular, Florida’s revenue pool has been magnified by New York, Illinois, New Jersey, California and Pennsylvania.
More than 50% of the total net income migration into Florida is from the following top five states:
- New York – $9.8 billion
- Illinois – $3.9 billion
- New Jersey – $3.8 billion
- California – $3.5 billion
- Pennsylvania – $1.9 billion
“It is clear that many Americans learned a great deal about the effects of local and state government regulations on a business and family throughout the nation,” Rep. Chip LaMarca, R-Lighthouse Point, said.
“In states like New York, New Jersey, Massachusetts, families and business owners realized that they could educate their kids in the classroom and bring their business to a place that has sensible regulations in safe neighborhoods,” he continued.
The report also indicates Florida’s income dominance over other states.
For example, Florida tops the country with $39.2 billion in net migration revenue, which is nearly four times greater than second place Texas. The Lone Star State has brought in $10.9 billion. In addition, Florida’s net income breaks down to $4.48 million dollars per hour.
Florida is also nearly $35 billion dollars ahead of third-place Nevada and fourth-place North Carolina at $4.6 billion each. Arizona rounds out the top five with $4.4 billion.
Locally, South Florida has seen a significant increase. Following $7.4 billion in Miami-Dade County, Palm Beach County is right behind at $7.2 billion. Southwest Florida is also represented with Collier ($4.9B), Lee ($2.4B), and Sarasota ($2.3B) in the top five.
“This is the case throughout Florida, with many different types of communities that can be a good fit for all types of families and business,” added LaMarca. “The more than $40 billion transfer to Florida is but one example of this migration.”