Don Fotsch’s Post

The IRS published it annual internal migration data last week, and it shows a massive exodus continues through 2022 the big three blue-trifecta states. California ranked, again, as the biggest income loser, along with New York and Illinois. The exodus diminished in 2022 relative to 2021, but remains well above pre-pandemic levels set in 2019. California lost nearly three times as much income in 2022 to other states as it did in 2019. New York lost 50% more than it did in 2019. And New Jersey’s net income loss hit a record in 2022 (largely owing to fewer New Yorkers moving across the Hudson River). On the other hand, Florida gained about twice as much income in 2022 from other states as it did in 2019, while Texas’s income haul surged by more than 150%.  All of the top gainers are red-state trifectas, except NC has a pro-business Dem governor. Employment in California, New York and Illinois STILL hasn’t recovered to pre-pandemic levels, and may never do so. California has about 400,557 fewer workers than in January 2020 while Florida boasts 669,806 more. LOSERS: 1) CA - ($23.8 billion) 2) NY - ($14.2 billion) 3) IL - ($9.8 billion) 4) NJ - ($5.3 billion) 5) Mass - ($3.9 billion) GAINERS: 1) Florida: +$36 billion 2) Texas: +$10.1 billion 3) South Carolina: +$4.8 billion 4) Tennessee: +$4.7 billion 5) North Carolina: +$4.6 billion https://lnkd.in/gUpRUMQb Dave McClure Stephanie M. Shorter, PhD Amit Gupta Marvin Liao Chris Neumann Arjun Dev Arora Eric Jackson Ken Miller Rutvij Thakkar Don Fotsch Leigh Gui, CFA Justin Donald Jeremy Johnson Michael Corcelli R Stewart (Randy) Thompson